I wouldn't try and hide or disguise it -- I think that would be as bad or make it more obvious . If you boxed it in or similar , most people will either work out why , or wonder why . The ceiling line changes , so it doesn't take too many clues to work out it's an addition -- making it a Roman column or covering it with mirrors or surrounding it with pot plants , or even doing a half height wall and making cubicles , most people will still click that something going to the ceiling at the point where it changes , is likely a support haha .

Even making cubicles will cut down natural light , so about all I'd consider would be maybe adding a couple of brackets , and hanging a couple of weeping plants or something similar -- paint it white or charcoal or whatever suits your new tones , recognise it is there , and use it .

You could have a vertical garden, real or faux, add mirrors, dress it up with moulding, the new slimline battens would look great or add a light fitting , could be a real focal point

what is the distance from the walls to the post and where is the entry door and will you need to use the room for a bed or specific crafts and equipment?

First work out what you will use the room for and how it will be furnished. You could have the post adjoin the end of a desk, low bookself or bed.

Would look great clad to look like a faux wood beam

Start painting the whole room and column white after you strip the carpet, will need a tinted undercoat first to cover red, This will help the column blend in more as at moment it contrasts to roof. Then step back, work out what you want the room to be. Making it more substantial can help, but will take floor space. It doesn’t have to stay a square column either. It could be a blade or bookend a short wall or form a doorway.

Could also get engineering advice. Maybe change it to two columns?

without precise location of the post, doors and adjoining rooms it's difficult to predict best use for the space but i would make the post into a useful support for wall cabinets suspended above a generous multi purpose work bench

stripper pole? firemans pole? just joking

Depending on the load it is bearing, I would consider installing a timber “gluelam” beam along the length of the room where the ceiling steps up. It could even be made a feature. In my opinion this is the only way you will truely be able to open up the room.

You need to work out first what you want this room to be. If your preference to keep it as a bedroom,then to remove the pole would be priority. This can be done. You have room between the two windows to put a post- timber or steel. A beam (steel one due to stronger and no sag) can be put on top of post and across to other side to be bolted to wall frame or on top of another post which is bolted to the wall. Then close in gap of other ceiling by boxing it in. Remove the post and you have one big room. A little bit more work but it will be worth it.

Hi

I'd 1) investigate if that lower ceiling is fibro, 2) get a builder to investigate what exactly that post is supporting, 3) see if it can be removed to reveal the original ceiling and 4) if you must keep it, make that post the end of a new dividing wall or half-height wall behind a bed, a desk,, couch/ sitting area or whatever. To maintain house value you likely need to retain that room as a bedroom even if it's adapted to other uses meanwhile.

Pity it isn't round, then you could chrome it and use for exercise.