They are not the same thing.
Red Team activities are more detailed. To put it simply, Red Team engagements necessitate more time on the side of the pen testers, resulting in a greater cost.

Red team engagements should never be the initial sort of security evaluation performed on a company. Although each firm is different, it is normally desirable to have completed two or three penetration tests before participating in Red Team activities.

Before deciding if Red Team operations are right for your company, you must first establish your ultimate aim. For example, if your ultimate aim is to uncover as many security flaws as possible, a normal penetration test is preferable to Red Team activities. A Red Team engagement is not intended to provide a laundry list of vulnerabilities and weaknesses. Instead, the goal is to discover a single point of entry, exploit it, and then proceed laterally through the system to determine what sort of mission-critical or sensitive data may be obtained.