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Yes, of course, green and red dragons are weaker.
However, considering their cost of 3500 and 1 (and this is the main thing) sulfur, obtaining a unit with 13-13 attack-defense, 25-50 damage, magic immunity, and above-average speed (5) – red dragons are quite interesting.
In my opinion, this unit, considering the cost of construction, is one of the most economically viable in Heroes of Might and Magic II!