Whoever choses bolts with such heads nowadays on anything other than throw away stuff, should be used-diapered in fully.
Let alone unprotected steel, and a head sunk between a ridge so one can't put a vise on it.
Maybe an idea to first try to get it out before thinking about with what to replace.
Considering the ugly bolt choice, it's quite possible that it is way too long too, and all thread inside rusted / expanded to hell either, meaning while turning the screw it will ruin the thread in the alu tube, resulting in a hole the outer size of the bolts thread, so M5 to M6. If it's M6 next step is M8, quite a big hole that is. And screw head also bigger which will void that metal at the right side and ridge.
I would leave it, it's not worth the risk. Remove the rust from the head as much as possible (ticking, small punch small hammer, screwdriver to scratch rust off the tool inserts, blew dust/dirt off, press some sticky silicone on it, finger-strike it over to prevent dirt/water arriving within again.