>>35838173>>35838262I think that's correct, she talks about how Lelouch is starting to look like a protagonist at that point, before he was a "heel" (basically a person who scoffs at the hero ("face") and acts comically evil to gather everyone's hate, popular trope in wrestling I think) with his devilish side always on display. Suzaku always seemed like a more suitable protag-like good guy but he's way past it at that point. And now Lelouch ends up trying to save everyone without even fully knowing Charles' intentions. And that's right before she notices the reversed colored outfits.
Just goes to show Subaru loves her heel characters, even before realizing they're the type. Heel->hero is always what she loves to see.