No, the tower wouldn't. Flashing red, aerodrome unsafe, do not land yet. No requirement to go away.
If you're going to be pedantic, rather than practical, that's not the meaning of a flashing red as defined in CAP637.
The advice given therein: (Flashing red light to aircraft in flight)
"Do not land, airfield closed".
There is no inclusion of the terms "unsafe" or "yet".
If you have plenty of fuel, I supose you could continue holding off, in anticipation of the re-opening. But it might not be today, of course. If you did so, you wouldn't endear yourself to the ATC'er who has to continue pointing the flashing the red light at you, until either the airfield re-opened, or you ran out of fuel and took the advice as intended.