Using any 'red 'type of filter adjusts the colour of the light recorded by the camera - by blocking bluer light and increasing the red component of light reaching the sensor. If you are using RAW files then the white balance remains irrelevant as this can be adjusted afterwards.
Some clever Linux folks have figured out how to read the proprietary RAW formats. If I start shooting with magick filters I may try to see if I can write a program to read the image and provide a slider bar where you can dial in your "water column distance" (depth + distance to subject). Instead of tweaking individual colours you can then just manipulate one parameter or, if there is a whole bunch of images taken at the same depth you could process them all with one command. Unfortunately I already have a hard time to find time to dive, so don't hold your breath.
If you are working below the depth at which red light has been filtered out by the sea (nominally ~10m) then shooting RAW will allow as much adjustment whether or not a filter has been used as the red component of the light reaching the sensor is so minimal anyway. Using a 'red' filter in shallower water allows white balancing in RAW after shooting without altering the data as severely as shooting without it.
Life doesn't come in red, green, and blue, but in a continuous spectrum of which our eyes can handle something like 350 to 700 nm. The red pixels of your camera are sensitive to a range of colours, let's say 600-700, and at 10 m the long wavelength end of the red may be gone but nearer 600 you still have signal to considerable depth. Think of light absorption in F-stops. If for red you loose 50% of signal for every meter then you need to double either ISO, exposure time, or go down one F-stop to compensate for each meter of depth. A fast prime lens could allow you to go 2 or 3 meters deeper and if you normally shoot at ISO100 you could gain 3 or 4 F stops there by going to 800 or 1600 ISO respectively. Going to slower shutter speed gives you even more light to work with. Without magick filters this approach would horribly overexpose the blue and green so the real function of the filter is to be able to boost the exposure signal of red while keeping blue and green in check. In clear water on a sunny location you probably can boost exposures by 5 to 8 F stops compared to no filters.
Finally you don't have to get red, green and blue perfectly in balance. There are 12 bits for each colour (a 0 to 4096 dynamic range) whereas the eye can see only 32 to 64 shades of grey (and I expect the same applies to colour). So I guess you can loose something like 6 bits of colour information and still have a 0 to 64 dynamic range left that you can blow up in photoshop without being too horrendous to the human eye. Loosing 6 bits corresponds to another 6 F stops. If my guesses are not too far of then we're talking a 11 to 14 F stop drop in red light signal that we can overcome. I'd love to stick a magick filter in the UV spectrophotometer in the lab and do some RGB histogram data analysis of images of grey cards with and without filter and at different depths to see by experiment how the numbers pan out. With that information we may find out how deep we can push these filters. But as said, need to get time for a dive trip first, which currently looks like early May.
Bart
P.S. If anybody has already got some RGB histogram data, or knows the wavelength transmission spectra for the red, green and blue pixels of the sensor then I'd be interested to hear.