Red Button On Top Left Actually Quitting Apps Now?
No, the red dot acts as it always had. The dot under (or next to) the app icon in the Dock indicates the app is still running. You can verify this by doing several things:

Running Activity Monitor and looking for the app in the list of Process names (You'll see a lot of Google Chrome processes)
Use the Command - Tab app switcher, which will show the apps as active and available.
The app name should still be showing to the right of the Apple menu item in the menu bar.