If the requesting country withdraws the Red Notice, does that end my legal risk entirely?

Withdrawal eliminates the Interpol alert but does not extinguish the underlying domestic warrant in the requesting state. You remain subject to arrest if you enter that country or any jurisdiction with which it has bilateral extradition arrangements. Additionally, some countries maintain independent watch lists that persist beyond Interpol withdrawal. A comprehensive resolution requires either formal discontinuation of criminal proceedings in the requesting state, or negotiated assurances — often through diplomatic or legal channels — that no further international circulation will occur. Withdrawal alone is an incomplete remedy.