You are correct about the accident in 2006 in Malta although I am not sure whether this was a Red Bull race, it was called the Malta Aero GP.

A Yak-55, SE-KHD collided with an Extra N22JW and both crashed into the sea. The Extra pilot baled and was saved but unfortunately the Yak pilot died.

It was the Aero GP so not one of the Red Bull air race series.

The pilot today is a lucky man to walk away from that and credit has to go to the rescue services for getting to him so quickly.