Fine with some precaution.
No doubt revving an engine into the red is not the best of ways to treat your engine. Yet if you are sure of the timing belt/chain, quality/quantity of oil, valve adjusted to specs if solid lifters and have a smooth engine, well you can rev it up to 600, 800 rpms into the red with no worries very day. Just don’t do it in high gears (1st, 2nd and even sometimes 3rd are all fine.). Thing is, if ur engine isn’t tuned for top end power there isn’t much point in doing it.
I have a 1980 w123 280ce with over 400000Km on the clock, 6 years ago I modded its cam shafts (not springs, just cams) to give me power at higher rpms. I have been revving it to 7100 rpm (redline starts at 6500) each & every day. Still fine.
One more thing if ur car has hydraulic lifters don’t go more than 700 over revs as those lifters tend to float at high rpms. (Bad).