no. it is the opposite of common sense. bikes are classified as vehicles and are subject to the same rules and regulations as any other vehicle on the road. if you can't abide by those rules or you feel you are above them, you have no business riding a bicycle, or any sort of vehicle on public roads for that matter.
What makes it possible for us to use the roads is that there is a consensus spread amongst ALL road users to obey a framework of rules. The rules exist to allow the relatively free and easy flow of traffic on the roads. This can only happen if people behave in a relatively predictable fashion, jumping lights makes you unpredictable, especially from the perspective motorised vehicles - Drivers will then go on to drive poorly around cyclists because they are too distracted by the prospect that you, or any other cyclist they may happen upon, will behave in a similarly unpredictable fashion, and that's where the danger lies.
What's also worth noting is that you seemingly adhere to the rules until you decide that your judgement over-rides them, at which point you do what you want to do. It’s at this point that you become random and unpredictable.Your value judgement (it’s safer to jump this red) is irrelevant, your actions are the key here, and as soon as you become random you have handed responsibility to the other road users to keep you safe.
Many fine people and worthy charities out there do a lot of good work lobbying for better infrastructure for cyclists. The sad reality is many of the debates surrounding cycle safety are often shut down by detractors resorting to the tiresome 'well all bloody cyclists jump lights' line (see recent debate in the House of Lords). We all know it's not true - it's only done by a selfish minority, however it is these entitled RLJ'ers that seem to garner the most attention, which is unfortunate, as cyclists are more often than not the victim of poor driving - however the debate seldom reaches this point as the agenda seems to be focused almost entirely on cyclist behavior. So what's the answer? DON'T BE A PART OF THE FUCKING PROBLEM. YOU'RE NOT HELPING. RIDE RESPONSIBLY.