But maybe not better than Ernest Saves Christmas.
My kids liked it. I thought it wasn't too bad.
The real kicker for Christmas movies is rewatch ability - I'm not sure if I'll watch Red One every year like Elf. Probably not.
So that bumps it into the category of Jingle All The Way 2 with Larry the Cable Guy - maybe after five years I'd be up to rewatch it. (The original Jingle All The Way is a "maybe once every three years" kind of movie)
If the choice was between Christmas with the Kranks and Red One, I'd pick Red One every time...
But Scrooged would win over both of them.