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As far as I can tell, this setting is fixed. It displays red and prints black. The option to change the color was there in Word 2010 but is not in Word 2013-2016.

The options are available under the Reviewing Tab, click on the dialog launcher in the bottom corner of the Track Changes group. Then click on Advanced Options.
00 deleteme 2.png


Here are the options in Word 2010:
00 deleteme 1.png

If it is sufficiently important, it may be possible to change this setting using a macro. I do not know. Word changed their text layout engine for Word 2013 and this may be a part of that. If that is the case, then the option would truly be gone rather than just hidden.