Two items to discuss here to answer this great question.
A: This depends how you are decoding the r3d. In Resolve you can set the decode at premium or good debayer, and at different resolutions, 1/2, 1/4 etc. The decoded RGB pixel data is delivered to the Resolve resizing engine and so if your timeline is set to HD, it resizes to HD. If set to SD it resizes to SD. Resolve will use the decoded resolution as you set it for the input to the resize engine. And the Resolve resize engine is the best realtime processor you will find.
B: If you set a creative resize on a clip, to grow the image 20% for example, Resolve calculates the resultant image based on the source available to the resizing engine, not the timeline size. e.g. if you have a SD timeline and HD material, and a 20% increase in size, Resolve resizes the HD material to the correct size. It does not convert to SD, then increase by 20%.
In this manner, the highest quality resize is performed but you need to set a sufficient decode resolution to match your needs. One way to do this is set the r3d project settings to full res premium for the render.
Peter