What if there are multiple processes that require access to a shared cache?
If you only have one long lived process or good global variable control, then it is much less appealing in the single-server scenario. Similarly, if you require access from multiple hosts, it becomes a less obvious choice (especially if you already have a database in the loop). And redis is also overkill is you’re using it only as a cache.
As in performance improvement - cache should never be considered a datastore, e.g. you can pull the plug and nothing else happens (aside losing performance). It'd be a lot more beneficial all the processes to have a local cache, themselves. The latter is at least 4 orders of magnitude faster than redis. Now you may like some partitioning, too.