our Viktor is no saint by any meaning, he still makes those mistakes in part because of his character, and as a character he is flawed like anyone in the show. but personally I usually approach any alternation of a character as a possibility, but not a fully determined one

I am no jayvik god to say which of these two interpretations is more valid. I can only say that I'm personally leaning toward the latter - I see the Mage as "what could've been" but also Viktor is set up to make the mistakes that lead him to becoming the Mage

no red ribbon in sight, nothing will protect him (as if he would like to be protected by anything)