Can some one please tell me what can be the alternative events for the red ones
Pixel perfect collision have really bad performances. You should rather use the collision mask collision (available for All object).
What about VFX we absolutely need Pixel perfect collision. there is no other perfect way
You can try to put the collision pixel perfect condition at the end of the conditions list. This way, the previous conditions will “remove” some objects and the last condition will have less objects to test.