OP got their answer: there is no effect on shot from length of aiming arc (red vs blue).
That said, when setting up for a shot I always take the aiming point out to the maximum distance my shot might go - given the club, ball, spin, and power I intend to use for the shot (the variables under my control), and the terrain in the landing area, plus the WGT 'programmed' variables (wind strength and direction).
The key is to set the aiming arrow to a spot that allows you to come to a stop in a safe spot on the fairway, so that you will have maximum control over your NEXT shot. That aiming spot should allow for potential wind gusts, lulls, and shifts in direction (which we know WGT programs for!) and slight mishits (personal player variables).
Therefore, for driver at least (except for the case of a strong head-wind or a decision to hit a reduced power shot), my aiming arc will generally be red.