Somewhat. Here's a really good article on what rabbits see:
They can differentiate between green and blue, and they have better night vision than we do.
Red eyed buns are just albinos- the only real difference is the color. Their eyes work the same except they tend to let in more light, so they sometimes have problems focusing and might not like bright light. Red eyed rabbits often move their heads from side to side- scanning- to help them see things better. My REW bun Oberon shifts his whole body from side to side when he is scanning, not just his head.