I don't think you can have rust coloured powder without the powder deteriorating. It's usually the first sign of powder going bad. I recently had a couple cans of IMR 4198 that showed that problem. I used them as fire starter for brush piles. Even if it goes 'bang" do you really want to deposit acid in your bore?
That is a lot of rust powder.
From what I can see of the inside of your can in the photo, it doesn't appear to be acidic.
I had a bunch of #44 Bofors surplus powder that started to get a bit of rust, but it was only on the top and it was a much darker red/brown in color.
It took less than a year for that powder to deteriorate completely. Not all of it though. One lot, which I still have some of is fine and a very good duplicate of IMR3031
The last container of IMR4198 I purchased, new manufacture, in 2018 in a 8lb jug, had a fine rusty powder as soon as I poured some into the hopper of the powder dispenser. Upon inspection, I believe it's likely just a bit of excess burn rate coating.
It's fine, nothing has changed over the past 2+ years and it's about half used up. I didn't blend it with the powder I had left from the previous lot, because of the rusty colored powder. I will be doing that later on today or tomorrow.
I even set some of it in a bowl, with a nail and covered it up with stretch wrap. I forgot about it and came across the bow close to a year later. The nail wasn't rusty.
Give your powder the same test, not as long though and see what happens.