Hello @Maciek, thank you very much for a nice workaround, while I disabled my NVIDIA card in device manager, Minceraft game works fine (no more constant RED SCREEN)
My laptop setup is:
Intel Core i7-2630QM (Intel HD Graphics 3000)
NVIDIA GeForce GT 550M
Anyway it would be nice to have it fixed - 1.16.200 worked like a charm on this setup.
Workaround: turn off NVIDIA graphics card in device manager