This does mean that if you're in the front of the pack and go about 15 over the speed limit, you won't "catch" the red light.
When you're not in the front of the pack it can be frustrating trying to travel just 3 or 4 miles with the red lights not even a full half mile from each other. Even late at night if you follow the speed limit, you are penalized. You will sit at every red light and look at the vast stretch of nothingness that has the right of way.
If they didn't do this to generate red light revenue, they could have done this to generate more revenue from the gas tax they collect by making people start & stop more often, and from sitting in traffic longer. But I suppose both things could be true. And no, I won't accept any other plausible explanations (/s, but holy heck is government awful here).