My understanding of these things;

The cleat on Look pedals is what determines float, so your red cleat gets you 9deg float, and that's it. The adjustment that can be done on the pedal affects the tightness of the spring coil, and how hard/easy it is to unclip, not your float.

Also, Wellgo make Look Arc compatible cleats for less than the price of Keo cleats. I don't know for a fact, but can only assume, that Wellgo manufacturing Arc cleats and Look switching their whole line to Keo has something to do with the patent on the Arc design expiring, presumably some time in the 2000s.