Possibly, but probably not. Unraid will still write to the emulated drive just like it's there, which means ANY activity to that data slot is out of sync. The safest way forward is a rebuild.
Unraid only disables (red ball) a drive when a write fails. That means, there was SOMETHING written to that slot. Now, it's also possible that when a read for that drive was issued, since the read failed, Unraid immediately reconstructs what SHOULD have been read from the rest of the disks, and attempts to write it back to the drive, which also failed because the drive was sitting on your desk.
However... since Unraid tried to write something and failed, the only way to know for sure if there are differences between the offline physical drive and the emulated data slot would be to do a binary compare. That would take an excruciatingly long time to complete, and you will be unprotected from another failure while that's in progress.
If you really want to blindly trust what's on the drive, you can do that, but you will still need to do a parity check to be sure the contents are in sync so a different drive failure doesn't result in corruption.
Yes, but Unraid has no knowledge of the possible differences, and can't make assumptions. Like I said, if you do the procedure to reinstate the drive as is, you will need to do a parity check anyway.