Of course this means nothing if you're legally mandated or simply told by your boss that you must follow the standard.
Also, to me the superiority of using black is more apparent if the gray is the background color.
[1] https://accessibility.psu.edu/color/colorvisiondetails/#RK
It is an extremely colorful medium-lightness red which will be somewhere between unpleasant and physically uncomfortable to look at (not to mention illegible) irrespective of the foreground text color.
I can't trust the math, because I don't know how they derived it. Well the conversion from sRGB to linear RGB and from there to luminance is straightforward and standard, but the formula for contrast is a real mystery. Where'd those magic 0.05 constants come from? And does it really not make a difference if it's light on dark vs. dark on light?