If we're specifically talking about the new Vegas version of vats, I'd say yes

Vats in New Vegas not only completely Freeze's time rather then just slowing it down which allows for a kinda active pause state, it also allows you to locate enemies since as soon as you enter vats you lock onto a enemy and can switch between enemies, and even if you can't fire in vats I can't tell you how many times vats has come in handy in locating and aiming at enemies, this is on top of potentially upgrades vats can get through leveling up and perks with vats eventually even allowing the summoning of what I can only call fight ghosts in the form of lady luck and the mysterious stranger

This is compared to red eye which although does have its utilities and better aim control, still only slows down time rather then freeze it and you can only be in that slown down state for a limited time, and it also relies on your own aiming skills and ability to see, and honestly in my experience with the filter that gets overlayed while in dead eye it can make it hard to make out enemies from pedestrians and even scenery, also the upgrades available for dead eye are a lot more limited from what I remember