I see the light:
Agreed. I made the simplifying assumption that most of the time, the traffic would be going straight through the intersection and not involved in making a turn. That implies that the time for traffic to make a turn is a small fraction of the time involved in passing traffic going straight through the intersection. That's not really a good assumption. We have a local contradiction where the bulk of the vehicles make a turn. In this particular 4 way intersection, the traffic signals are timed on a rotation basis, where the signals are individually green FROM only one direction at a time. For such a derangement and assuming equal traffic FROM all four directions, the red LED's would be on 3/4th of the time, while the green only 1/4th the time.
Back to my simplified traffic signal with only red and green LEDs and all traffic going straight through the intersection and not turning. No matter how the lights in one direction are timed, the timing for the perpendicular direction will be the inverse. For example, if green were on 75% of the time in one direction, then red would be on
75% in the perpendicular direction. However, as you stated, if we add turn lanes to the puzzle, the lights in all directions for traffic going straight through the intersection could simultaneously be red but never simultaneously be green. That would increase the time when the red LED's were on in both directions, but only by the fairly small amount where the intersection is involved in dealing with vehicles making turns.Any more detail is going to need traffic flow numbers and a suitable simulation program.
I don't recall ever seeing any dim or burned out LED's on any of the local traffic signals. The main streets all have LED signals but the older and smaller intersections are still incandescent. Either the city/county public works department is uncharacteristically efficient at replacing burned out signal lights, or they really are quite reliable. Assuming 50% duty cycle for 24/7, it would take about 11 years to hit the typical 50,000 hr lifetime.
Looks like there have been some major design improvements in newer LED arrays: "The Aging of LED Traffic Arrays"