If the light is malfunctioning you should probably wait more than 5 seconds to determine that it has failed and decide to proceed anyway. I've also never seen one fail with solid red. All the failures I've seen they either go out or flash red.
Also, like was mentioned, the left turn on your side, at least in this situation, is also lit at the same time. If your light is red, the left turn on your side is green, and the cross light is red, there is a VERY good chance people on the other side have a green left turn light.
You don't need to know 100%, anyway. I was always taught that right on red is an exception to the rule, not a right. So if you're going to do it, it's up to you to make sure it's safe before you go, which means making sure there's not other traffic. If you have any doubt that it might not be safe, you don't go. Like I said, the light only lasts a few seconds, anyway. You can't wait that long?
I do understand that yes, sometimes you might miss one of those indications, but this is happening every single day at multiple intersections on my way home. I only make the left on one of them and it happens to me almost every day. There was one day this week it did not happen to me. Then I see it happen to at least 1-3 other people on my drive home at different intersections. This is far too frequent if people were actually making any effort to determine if it was safe to make the right.
Your arguments could be applied to any intersection situation. Why not just run a red? For all you know the lights have malfunctioned no way to be 100% sure. Wouldn't want to wait a minute to figure that out. Why not just make a right on red while cross traffic is active? For all you know they have a red light. No way to be 100% sure. Why not drive out of parking lots into fast traffic, cutting people off, there is a chance they were going to stop, after all.