from pics i've seen, red doesn't necessarily wash out the rest of the color while just increasing contrast. after all its not considered a light color. it doesn't darken the base color like how black would, but imo its a good thing and it shows off the color much better.
for example, an endli on red substrate may have a bright brownish base color with dark black stripes, while on black substrate, its base color may look like its covered with a layer of gray (kinda like your hands after handling charcoal) with dark but now faded stripes because of how its base color is now.
of course this will also depend to an extent on the individual fish, and the species of bichir (lapradei and endli seem to be most affected by substrate color), how bright your tank is overall etc. also i don't know if all shades of red are equally effective, but i know in asia they have this sand called red quartz that works very well.
and i haven't seen pics of what red/black mix will do, so i can't comment on that.