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Just replace the old black cable and if your not having problems with the other wiring don’t worry about it. Caution since the neutral obviously shares 2 separate circuits and you turn off just the breaker for the outlet and take the neutrals loose it will spark since the other circuit will still be live. Hell just cut both breakers off and good luckIt appears that the red wire is being used as a switch leg
That is a code violation for sure, as you have stated that the 2 top cables are coming from your panel on separate breakers which if there different phases like 240 vac measured between the 2 live wires really could cause a catastrophic event. I can’t wrap my head around that there are 2 separate live circuits coming in the box. It also appears that the top right cable is being used only as an extra live wire only. You say your a decent electrician so if I was you I would get rid of the cable on the top right because it don’t matter what you are trying to achieve you don’t need but 1 live wire in that box. Like said above you need to take the light or lights apart and figure out the purpose of the red wire and black wire on the left side cable. As stated above it is a violation to share neutrals from 2 separate circuits. It is about impossible for us to be able to tell you what’s going on in the box without taking the first device loose to investigate because it seems the cable on the left is the problem. Get rid of that top right cable