I've been playing a no-loss impossible mage with a single stack of either black or Red dragons.
they are both equally useful, but to different extends.
In all but one item upgrade I used the Blacks and allowed my Demon Portals to do all the dirty work...
In the mask of hate upgrade, I switched to reds due to 20 Arch demons constantly halving stack on round 1.
Excorsism lvl 2 and Demon portal on round 1, Excorsicm lvl 2 and Time Back on round 2. On round 3 the Arch Demons couldn't halve any longer. Obviosly this wouldn't work on Black Dragons, but in every other upgrade, they were superior to the Red Dragon.
In some hero fights vs a high intellect Geyser caster I chose Blacks and used either damaging spells or Demon Portals to win IF and only IF it was an army with mostly melees. In a fight vs lots of ranged units, a buffed Red Dragon would turn out to be better. Its just a pain in these battles because you need to constantly keep your Dragon buffed and at full hp to survive the Geysers.
With a BD it's much, much easier since you can use your spells to destroy and kill instead of protecting... Only works in some battles though.
My 2 cents on the overall usage of the dragons, my vote goes to the Red.
However in a single stack fight they are equally usefull.... ... imho of course
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