What is the purpose of having red and green LEDs?
Red light features high-performance diffraction which can be ideal for use as an alerting or signaling light on rainy or foggy days. Red light also causes your pupils to dilate significantly less than white light does which serves to better preserve your night vision when using red light in darkness vs using white light.
Green light also has its uses. Green light is more noticeable, especially during the day, so green light is good for signaling at any time of day. Also, many game animals, such as hogs, are unable to see green light, which will allow you to navigate with full visibility while not alerting these animals.