I initially speculated that as well. It would make a ton of sense that the canopy has the most red as it's closest to the light. The yellowing and dropping of yellowed leaves I feel has thrown me in for a loop. The new growth doesn't look as green either which is confusing.
It's equally saddening to see as this tree looks gorgeous during the summer. It experienced it's first full year of uninterrupted growth. Here it is in August.
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Hey...mine still has a few branches with some summer color after all! P afra behaves a little differently than crassula ovata which is what the pictures below are from...but most succulents behave similarly...
If the plant is getting enough light...actually a little more than "enough"
...it will tinge orange or red or pink like these leaves.
If the majority of the leaf is turning pale yellow to red...the plant is likely getting too much light. Leaves that turn too pale or mostly red will "burn out" faster than normal. They may start to dry out and never plump up again. They may change over to a sickly yellow then fall off. They may just fall off for no apparent reason. My jade will start dropping these burnt out leaves like mad once the temps start dropping below 60F or so...The ones tinged like these will typically slowly green up now that the plant is in a dim north facing window.
Here is a range of colors left on another branch.
The darker green leaves closest the flowers were mostly matured after the plant moved indoors. They are dark green with no red tinge. Just behind those are leaves tinged red at the edges. These were the last set of leaves grown out under full sun. They will typically darken for me to full dark green by winter's end now that the tree is in a dim north facing window with short days. Behind those are leaves that are a much paler green...almost a yellow. Those will very likely continue to turn yellow and fall off in the next few weeks. They look too damaged to recover. What you don't see behind those leaves are the several sets that turned sickly yellow and fell off when the temps fell while still outdoors.
While not truly deciduous in the way a maple or elm is, the leaves do have a lifetime. They get lighter and tinge red because the sun is burning up chlorophyll. Up to a point, they can continue to regenerate chlorophyll as it is burned up. After a point, there is too much damage and the leaves will not recover. Leaves will typically last much longer in low light than high light.
Succulents can tolerate much less light exposure than it takes to bleach leaves and grow just fine. People who grow succulents grow them to bleach the leaves! That's when they are the most colorful
Most succulents need that kind of light to trigger the best flowering as well.