This has to answered again for everyone new to the thread.
yes you can blow a channel out regardless of format. Especially the red channel. That's why you use the LCD or tethered view. without the review you'd be guessing. The infos right there at the press of a button or two and it would show you what channel blew.
RAW is a format. It holds everything the sensor captured. If WB was set incorrectly it should have been apparent on the review whether LCD or tethered while checking exposure and comp. Part of checking exposure means identifying problems revealed to a photographer via review.like channel blow out. The LCD or tether would tell the photographer of any underlying problems like aforementioned. but if it were exposed correctly and shot in RAW you could simply reset WB and presto. The RAW format has all the data to pull from to render a perfectly white balanced photo. Todays LR 4 has amazing highlight recovery but it can only fix so much. This should detail why checking LCD info is so important. a tether isn't at all necessary but can be very useful in a studio. It's just a more sophisticated form of chimping.
But if for example a jpeg is shot with Daylight WB in Tungsten (exaggerating the orange/red) and the red blows the image is wasted. the blown red data is non existent. The camera would have processed it out. This would never happen in any of the studios I've worked for because I know how to check exposure by simply using the LCD of the cam.
If you have PS or LR you can watch the blowout occur with red subjects easily as you slide the WB slider. Turn the highlight alert feature on in the RAW converter at the right corner of the histogram. then simply slide the WB slider.