I had that happen a while ago spray painting some drain pipe for archery equipment. I grabbed first tin of primer I found in the cupboard and it went on fine... me thinking, primer is primer right? Ummm no. It was some metal style primer. The colour went on and bubbled just like that. Had to let it dry, sand it back and do it again with different primer. The way it handled was like putting water based paint on top of oil based paint.
Out of curiosity, have you tried changing the order of the layers? primer, red and then white to see if things react the same way? I'm wondering if due to "global shortages" if maybe the propellent in the red is slightly different which reacts to the white. If the red off gasses maybe the white won't react to a dried red?its bubbling.. an lifting the white paint up as well