This is also a Squier Mini Stratocaster finished in red (likely Torino or Dakota Red).
However, this specific instrument is an older production model, and it has a few distinct differences from your 2021 version.
Year and Factory: Looking closely at the serial number on the back of the headstock (IS061213767), the "I" stands for Indonesia, the "S" indicates the Samick manufacturing plant, and the "06" means this guitar was built in 2006.
Fretboard Material: Because it was manufactured well before the 2017 international CITES regulations restricted the use of certain tonewoods, this model features a genuine Rosewood fretboard. Many players prefer the darker look and natural feel of rosewood over the Indian Laurel used on your 2021 model.
Bridge Hardware: If you look at the 6-saddle hardtail bridge, this 2006 model uses solid, block-style cast saddles. Your newer model uses vintage-style bent-steel saddles.
Aesthetics: The headstock decals are slightly different, with this older model featuring a smaller "Mini" font beside the Squier logo.
It shares the same core DNA as your other Mini: three single-coil pickups, a 5-way selector switch, and a master volume and tone knob.
Designed specifically for smaller hands, this 3/4-size instrument features a significantly reduced body mass and a short 22.75-inch scale length. If Jacob is showing an interest in music, this would be an incredibly comfortable, perfectly sized electric guitar for him to start learning on.
Despite the older age and the desirable rosewood fretboard, these maintain a very consistent price point. On the used market, this model typically sells for between $100 and $130, right in line with your newer one.