I would use it if I needed to look at the engine at night, just to preserve night vision. I guess that there are some other benefits in the engine room, but nothing that matters to me.
It used to be the case that red lights created less heat, but with LEDs, this isn't the case, and I don't know that it ever really made much difference. It also supposedly makes some things easier to see like certain
leaks, but this isn't something I have found.