To think this is a red flag or I'm just paranoid?

[Terribleluck]

I was recently made redundant due to "restructuring". The other day I applied for a role and the for back to me within 24hrs telling me they're restructuring, and the role is now slightly different but I'm more than welcome to still be considered for that role and that I'm happy to make any edits to my application if I want to. I think this is promising, but after my terrible luck from my previous role I'm very hesitant about it. Thoughts?

It's a promising sign that they've told you and given you the opportunity to amend your application.
If they're restructuring now they won't do it again for a while.

I'm not sure you know what a red flag is. What is your concern? Restructures are common, some organisations seem to have them annually. If you avoided every organisation that had them, you'd have a very small job market.

I know what a red flag is.... When I joined my previous company, they just "restructured" and made about 15 people redundant. Than in itself was a red flag I think, and I shouldn't have joined that company in the first place!