Solid red and flashing red are not the same fault
This is the distinction that resolves most confused overheating threads. Roku uses a solid red light for overheating and a flashing red light for insufficient power. They look similar at a glance across a room, and the internet routinely merges them, but they describe unrelated problems.
The power case has a specific and very common cause: a stick drawing power from the television's USB port. Roku acknowledges that a TV USB port sometimes does not supply enough, and its recommended fix is to use the wall outlet with the adapter that came in the box. If you are looking at a flashing red light, no amount of ventilation will help — the device is short of power, not overheating.