It's probably not a bad recipe - never tried it. Looks like it hits the basic principles as I understand them. I'm far from an expert, but I've had great luck with Rick Bayless' recipes and I think I've made this one - can't remember. :doh:
https://www.rickbayless.com/recipe/mexican-red-rice/
The technique of sauteeing the rice in the oil before adding the water in the allrecipes recipe is more like what a Mexican woman taught me once though.
If you have some kind of stock or broth to use instead of water, I'd definitely do that. Or maybe throw in a buillon cube.