Probably depends what kind of control you are looking for. Node-RED is built on Node.JS which is a single-threaded JavaScript server - so real-time control systems are not really what it's about. But if you wanted to send a queue of commands to an Arduino, that would probably work.
It isn't that you can't do direct control with NR, you may get away with it, it depends on:
- What else is happening on the Pi
- What other flows might run and create interruptions
So I would be wary of using firmata for real-time control from the Pi.