At some UK junctions a cyclist riding through red will make virtually no difference to anyone; in the same way as motorist on some sections of motorway (ie freeway), in good conditions, driving over the speed limit will make virtually no difference.
A car jumping the light leaves no room for another car; a cyclist doing it leaves more than enough room.
Yes, if they're busting through a pedestrian crossing with pedestrians on, or going on to a narrow junction, etc.. then you're in to dangers similar to "not indicating" (something that puts me in danger as a pedestrian every day).
A cyclist hitting a car, it's extraordinarily unlikely to kill anyone including themselves. The contrary is not so. That's why cyclists don't worry as much about the possibility of hurting others on the roads. Of course interactions with pedestrians are bad all round, but much worse physically for cyclists than for vehicle drivers.
There are imbalances, ignoring them doesn't make anyone safer.