Yes, but I asked this question as Buster moved the players with red arrows a position forward.
I think that a red arrow on a player makes him more offensive and thus, less defensive. But, going by this, when I put arrows where it should have a positive effect, I have noticed the reverse occurring, that is most had a negative effect. For e.g, putting red arrows on side defenders in a 4-5-1 V style formation failed. This is another indication that this game does not function like we think it is; it may be far from being a proper football managing game in terms of tactics.