No, magenta does not have enough cut. I presume in this day you will be using VC paper. All magenta gives a very contrasty exposure.
My usual is to leave all filters out, compose, focus, and make an estimation of exposure in terms of time and aperture.
Then I dial in filtration to suit the planned contrast desired, and print the first test print.
Red filters are most useful to me wehn settign up to do a burn, to make sure I have the dodging card/tool/contorted hand and arm in the right place at the start of the second exposure to hold back light from the area I am wanting to lay extra light on.
I find that the red filter is handiest in this manner when your timer can also be actuated by a foot switch; otherwise I am left 'one arm short for the task at hand'.