"So regardless of a fault with pumps or operator error in not turning things on / off it seems pretty clear that if you get the red "low fuel" alarm you need to land."
Yes you do need to land - within 10 MINUTES, not 8....read the correct instructions for the correct aircraft!
And a minor point, it's not an alarm......it's a Warning. Continued loose terms just encourages others to think there's more to the system than there actually is.