Yep. After planing it will look lighter red orange, sometimes almost purple-ish. Give it a couple weeks, and it will look orange. After years it will probably be that dark brownish red that you associate with cedar trunks.
Here are pictures from a project I did :
Before : Probably at least 50 years old, finished with shellac and beaten up
After : This is probably 2 months after the lumber was planed down. Finished with polycrylic (doesn't yellow). I saw this about a month ago, and it still looks the same color after 2+ years, although it doesn't seen much sunlight to speak of. The top was all new lumber, the sides were the original wood, planed/sanded down. The new and old match well once planed.
Here are pictures from a project I did :
Before : Probably at least 50 years old, finished with shellac and beaten up

After : This is probably 2 months after the lumber was planed down. Finished with polycrylic (doesn't yellow). I saw this about a month ago, and it still looks the same color after 2+ years, although it doesn't seen much sunlight to speak of. The top was all new lumber, the sides were the original wood, planed/sanded down. The new and old match well once planed.

