I would hate that historic aircraft can't be displayed to the public, but it should be done safely. The Red Arrows are state of the art, well-maintained aircraft flown by top guns, historic aircraft are often flown by well-intentioned but non-professional pilots.
I have just seen the Red Arrows at Bournemouth, part of their routine involves flying over residential areas and crowds, nothing wrong with this and it adds to the excitement enormously- a singleton suddenly blatting through the air at about 300 knots 100meters above your head is great.