Yes, but you don’t need lights if there are only bikes. Lights are there to prevent heavy vehicles from colliding. If there are no heavy vehicles, then the lights aren’t needed.

Not always (which I’ll mention in a moment) but:

• The trivial point was; car wait times are reduced when there are less cars.
• The main point is; even from a bike perspective its not about stopping/not-stopping, it’s about wait time. I have NEVER had so many bikes in front of me that I missed the cross-walk signal and had to wait a whole other red-light cycle. Comparatively I regularly have that happen to me in a car. Idk if its a 30% improvement but its less time waiting at red lights.
• Finally, technically no, bikes don’t always have to (legally) wait at red lights. This is only a technicallity but some crosswalks, like several in my town (or the iconic one in Japan), we get the walk signal on red. My town is also unusual by officially allowing bikes on pedestrian paths. So bikes can legally cross on red.