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In reality, a red filter does absorb light, and generally the Manual WB achieves a very similar result in colour rendition, but the saturation you achieve with a manually balanced image filtered through a red lens is better imho. It's more vivid. ....
This is my experience as well with traditional video camcorders I have used.
However, the same may not hold true for DSLR's and the newer compact cameras. They have better low light capability and MWB correction range. I have see amazing UW video from DSLR's shot without a filter. I will get my LX7 underwater in a month so it will be interesting to see how it does without a filter.