It's always been my understandinding that red is one of the first colors to disappear when submerged in water. It shouldn't matter if it's a hook, a line or a 69 Camaro, red is red. On shallow running lures red "might" get a wounded bait reaction bite but at greater depths red looks like black so other than looking pretty there's no logical reason to have red hooks on a deep running bait.
Effects of Water Depth on Color Visibility - Great Lakes Fishing




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