1. Embedded systems are often used in environments where you need very resilient software. To crash the DB because there is a bug in your app is usually a bad idea.
2. As a variation of "1", it's good to have different modules as different processes, and Redis works as a glue (message bus) in that case. So again, all should talk to Redis via a unix socket or alike.
3. Latency is usually very acceptable even for the most demanding applications: when it is not, a common pattern to solve such problem is to write to a buffer from within the embedded process, that a different thread moves to Redis. Anyway if you have Redis latencies of any kind, you don't want to block your embedded app main thread.
4. Redis persistence is not compatible with that approach.
5. Many tried such projects (embedded Redis forks or reimplementations) and nobody cared. There must be a reason.