Interesting question, hopefully I understood exactly what you're saying.

I think the answer to your question is, no, it still should be red. But this is why - if you just add water to these molecules that make the bag red (we call these dyes, usually), the water does not chemically change what that dye is. The water only dissolves the dye. So, if the molecule is the same, it is still absorbing green and blue, and reflect red.

If that seems weird, think about when you dissolve sugar in water. You don't actually change the sugar, it only dissolves. If you heated up the sugar-water until all the water disappeared, you would only have sugar left - unchanged, because all the water that was there only dissolved the sugar, but did not chemically change the sugar.

However, there are things that will change color if you put them into water. If that happens, a chemical change happened, and the elements that make up the dye became different.