If you look at the last page or two of the FDR report (Section 18?) the voice overlay shows the CA making a callout at both one and two dots high on the GS, which is also four whites on the PAPI, about 'get it down'. The FO never corrects and the CA eventually intervenes but basically removes both pilots from flying the airplane.
For this specific runway (LGA RWY 4), two-dots high on the GS is not four whites on the PAPI, due the GS and PAPI not being coincident, as discussed in the previous page. (And why the FO is slow to correct).
In fact at the runway threshold, even a full-UP deflection on the ILS GS would be well
below the normal PAPI glide path!
We can calculate that for this runway, a full-up ILS GS deflection (3.8 degrees) at the threshold is 66 ft AGL, well below the PAPI TCH -- three reds! -- and just 3 ft above four-reds (at 63 ft).
A pilot flying the ILS right on the GS would see four-reds on the PAPI just prior to touchdown:
https://www.youtube.com/watch?v=VynLpoKXfxA