The white may be a separate ground, or audio, also check your specs, the red is probably not 12v+, probably 3.3v+ or 5v+.
Exactly as he said. Though you could test it (providing you know for sure that the red is supposed to be 3.7Vin) by shorting the white to ground, but it is best that you check your manual, or find one.Your thinking is logical, but I was thinking this was a FPV camera, and this is a fully functional on board camera for photography.
I would search for the manual from the manufacture, and if I could not find it, I would contact them by either calling them or emailing them.
Sorry I don't know much more about them.