Yes—if a subject contains very strong reds, it’s common for the red channel to clip before the rest of the image looks overexposed. The most practical fix is exactly what you suggested: watch for saturated colors and reduce exposure a bit, then recover the overall brightness later from the RAW file if needed.

A few helpful points:

• Shoot RAW, since it gives you the best chance of recovering highlights and adjusting white balance later.
• Be cautious with strong reds in sunlight; they often clip easily on many cameras.
• The camera’s histogram/highlight warning is based on the embedded JPEG, so it can exaggerate channel clipping depending on white balance.
• A more advanced option is UniWB, which can make the histogram more representative for RAW shooters.
• In some situations, a cyan filter can reduce red-channel exposure, but it adds complexity and can introduce drawbacks like flare.

So for most photographers, the best workflow is: shoot RAW, monitor highlights carefully, and apply a little negative exposure compensation when vivid reds are at risk of clipping.