I liked your comments Mubashir, he is my opinion:
For the red light example, I would say that the underlying reality is that there are photons of the wavelength 400nm (well I made a mistake, the 400-450nm range is really violet, the red color is more 600-650nm; but still this is irrelevant to our conversation; from now on we should call red 600nm). So, there are red photons of 600nm. If we drop our perceptions, all we can say is that there are photons of 600nm. If we wanted to further nitpick away our perception's subjectivity, we could say there are photons that are 400 x 40,000 x 10 ^-13 the size of the Earth's diameter. This would be easier to explain to an alien, because we would have to tell them what nm are, but this way, we only have to explain width and they can look at the Earth as the reference.
I wholeheartedly agree with you that we can never know the true underlying reality, because after all, our only tools are our perception which is a product of the limitations of our 5 senses. Much in the same way that an amoeba, in our opinion has a limited perception of the true underlying Universe, because it cannot experience color or sound, an alien that had a 6th or even 7th sense, would see our perception of the underlying Universe as incomplete. BUT, the alien would not say our peception of the underlying Univers is FALSE, but merely INCOMPLETE, but still TRUE. My point is all perspectives have truth, if they are confirmed by a peer group that has equally capable senses.