I have heard of only one type of hub that cutting the red cable didn't work on.
That was an expensive, powered, hub that wouldn't turn on unless it saw power on its USB input as well as the PSU. Normally a powered hub that senses the host power like this will not back-power, so doesn't need the wire cutting.
The cheap ones don't sense the input power, they just connect all the 5V power lines together internally and don't control them at all.
So, go ahead. it is 99.999% likely to work, and if it doesn't you can replace the cable cheaply.