When using Rules, does a page refresh happen immediately if the event is set to 'Drupal is initializing'
You have not specified the exact condition you are using. If you are using 'When content is viewed by an authenticated user' condition, then yes, views are being loaded in node load hooks, and they are already there by that time. The good news is that if these are cached, it will lighten things up, and the amount of admins is always limited, so a non-issue performance-wise.

But, if you really wanted to make one view show to one user and another to another, this is what you can do:


Create a separate block for each view display.
Put these blocks on the page.
Apply conditions for blocks that will show them for specific roles. Advanced to admins, and usual for non-admins, or all else.


And voila - you will have a solution without redirects and overhead.