If you use the mix-blend-mode, it automatically affects all child elements of the object in question. By using a pseudo element and the position, this problem can be solved.
.elementor-portfolio-item:hover .elementor-portfolio-item__overlay {
position: relative;
width: 100%;
height: 100%;
transition: .5s;
}
.elementor-portfolio-item:hover .elementor-portfolio-item__overlay:before {
background-color: #c0001f;
mix-blend-mode: multiply;
transition: .5s;
content: '';
width: 100%;
height: 100%;
position: absolute;
left: 0;
top: 0;
z-index: 1;
}
.elementor-portfolio-item__title {
position: absolute;
padding: 25px;
z-index: 1;
bottom: 0px;
}