Some Japanese Maple varieties are not very stable. To keep them the right color, you have to cut out the other color. For instance, this Japanese Maple is supposed to be variegated but its a constant struggle to keep it that way.
The holes are from Cutter Bees.
Your tree was probably originally red. Did you care for this tree in previous years? Or is it new to you? You can leave it two-toned or try to switch it to green or red (if you do nothing, the green will win). But, cut out all the branches below the graft or the graft root stock will be all you have.
