When an LED has a "light degredation" specification, does that means it's an OLED?
No. Definitely not.
All LEDs degrade with time and having life times of under 10,000 hours is common.  

LED YSM-1288CR3G2C data sheet here
 This is almost certainly not an OLED. 

Your Red LED has a Vf (forward voltage ) of 1.9 - 2.4 V
 The Green LED has Vf of 3.2 - 3.5 V.

The Green LED is probably industry standard InGaN.
The Red LED is probably industry standard InGaAlP

As a guide to lifetimes, very very very few 5mm White LEDs have lifetimes to 70% of initial output of more than 10,000 hours.
 This is despite the widespread claims for 100,000 hour lifetimes.

Any LED which achieves lifetimes o > 50,000 hours either comes from one of the top ~= 6 LED makers or uses their patents. 

They say 
  Red: 4.7% - 8.3% / 1000 hours
Green: 11.4 - 15.3% / 1000 hours

The manufacturer is unusually brave and honest in quoting such a poor 1000 hour lifetime. This matches reality for many Asian sourced LEDs but most related data sheets do not tell the truth. 

However - this loss rate is acceptable in many applications where the LEds are not illuminated "all day every day". 

A good quality LED will have minimal loss of output in 1000 hours and many have MORE output at 1000 hours than when new.

The industry standard data sheet test period for output is 1000 hours with less than ?10%? decrease from initial output level and this is essentially worthless as all quality LEDs meet this with ease.