Any time you see a betting “system” that promises you winning, its always martingale. Always. I have literally never seen anyone make this claim and have it not be Martingale.
The “sequence” is irrelevant. Red and black have equal chances to land on every spin. The “double up on loss” is the only thing that matters.
And yes, you will still lose. Just a boatload all at once instead of a little bit at a time.