Yes that wiring is normal with correct generic colour coding.
Blue/white - main beam
Blue/red - dip beam
Red (with no connector) - side/parking lamp
Black - common ground
The red cable would usually be terminated in a suitable connector to a sidelight bulb which typically pushes into rubber lined mount hole from the rear of headlamp reflector. Its possible your headlamp has been replaced with a plain headlamp reflector having no provision for sidelamp, relying on wing top sidelamps or dispensing with them completely and just having headlamps only!
If in future you decide to leave the lighting in its present state, I would insulate the end of red wire as it will be live with lights on!
