Hi SR, in general no it's not beneficial. Too much red has been shown to bleach coral.
There is some evidence that corals use red light to sense how close to the surface they are. I guess that would cause them to grow more horizontally than upwards, but I haven't seen proof that actually happens in the aquarium.
The main reason for not using a lot of red, as you say, is that it looks a bit cack. A little does make some fish look nicer.