WD Red drives are WD Green drives with TLER added, nothing more. They are aimed purely at small consumer usage, not for normal business RAID usage. The issues with parity rebuild failures due to URE (the key issues with RAID 5, but far from its only one) are not addressed by any consumer-range drive, WD Green being no exception and therefore Red not being an exception. TLER simply prevents the drives from unnecessarily dropping out of the array, not from failing to rebuild. So WD Red are perfect for low performance, low cost RAID 10 and, in smaller arrays, RAID 6 (in really large RAID 6 they are still too risky to use because of the URE issue.)
WD's enterprise drives that "could be" used in RAID 5 are the RE4 line which have the TLER of the Red drives, the URE rating of enterprise SAS drives, the spindle speed of Black drives and other advancements like bigger cache and CPU to boost performance over any other WD SATA drive.
The issue when you get a drive like the RE4 for RAID 5 is that RAID 5 remains slow (as all parity does) and risky for other reasons (drive failure rates, DAC, long rebuild times meaning loss of availability, etc.) but gets so expensive that RAID 6 and RAID 10 still beat it when actual dollars are applied. So RAID 5 is always ruled out, in every scenario, due to a large combination of factors.
So, no, Red does nothing for RAID 5.