Nutloose, no. The RAF commentator meant, no longer appropriate at a location such as Farnborough. The built-up area and surrounding public areas, including roads and parks etc, make the CAA exclusion requirements post-Shoreham too restrictive for the Red Arrows. Other jets can and will display but the Reds are still always more risky due to their routine and sheer numbers.
Death knell for the Reds (and other big display teams) at Farnborough? Probably, but Farnborough is but one of a number of Airshows.