Does horn or turn signals or brake light (no need to test all, just pick one of them) work while you are holding the clutch lever?
Since neither Headlights nor ignition comes on, it says that the main power in (out of fuse 2) is not there - the input power to those two circuits is common to both of those power switches;
the red light going out, says the 'drive' to the power switches is 'good' when the clutch is being pulled; but there is no power OUT of those two switches
It looks like the main power IN to those two is missing - checking the horn/turns/brake circuit becomes live will validate that power switch is enabled and confirm the theory of the missing Fuse 2 power supplying the other two.
Check the main key-switch connector and particularly inspect pin 1 (it's white/blue wire on main harness side and red on the keyless side) - that is the input power that comes from Fuse 2 - some OEM bikes (i.e. with std key-switch) have failed at this main key-switch connector due to what I suspect is a poor fitting terminal/crimp from the factory - if there is sign of burning there that would be the problem.
If that all looks good, then that takes us back to Fuse 2 again.
This image shows the main harness key-switch connector with the burnt terminal 1
One more thing - check the smaller gauge ground wire that comes off the main negative cable at the battery - there is a single-terminal connector about 9" down that cable - this is another common fail point on the Touring particularly.