So from the rough example math in the previous, with #f00, the L cone is receiving 3.5 times more than M.
With the grey, L receives 1.33 times more than M (L cones are more populous).
With the grey, the ganglion cells are switched to where the signal is sent to light/dark.
With the red #f00, the L gets 26% more luminance than the grey, and also L is not really competing with M as here, L is getting 71% more than M.
Point: there are clearly a number of places where the physiology favors a vibrant red vs a grey of same luminance.