The imperative concept here is the question: in what state? Traffic laws are different wherever you go.
Here in Oregon a red turn arrow that flashes (if we even have that) would likely mean to stop then proceed in turn. The vehicle to the right at a 4-way has the right of way. The flashing yellow arrow (very common here) almost always means proceed without stopping, but with caution, yielding to oncoming traffic.
All of this is really rather academic...until the right front headlight and quarter panel of your Cooper Mini is lodged underneath the front of a street sweeper, dump truck or cement mixer.