There are two 20W50 oils on the Redline site, the regular 20W50 automotive oil, and the Motorcycle 20W50 for V-Twins. As you noted, the price is $3 higher for the motorcycle oil. While part of that is no doubt just extra profit, there is a definite difference in the application (water cooled automotive type engine, versus air cooled V-Twin engine). You'll find similar pricing differences in the other oil companies products, btw. Compare 15W50 Mobil 1 for instance to the 20W50 V-Twin product.
I think you will find, assuming you can dig up an analysis of the actual oils, that the differences are in the additive packages. Can I state for certain that the differences are major enough to make it worth the extra cost? Nope.
When Redline found that they had a rapidly growing market for their Shockproof Heavy gear oil and their MTL gear oil due to Harley riders, they came out with "new" products called V-Twin Transmission Oil with Shockproof and V-Twin Primary Oil. They were priced $3 higher than the old standby's, which was noted by many including your's truly and commented on widely in the forums. Eventually Redline admitted it was the exact same fluid, and they equalized the price. Unfortunately, they raised the price of the old products, rather than lower the price of the V-Twin versions. In those cases they admit the products are identical. There is no such admission in the case of the motor oil.
To sum it all up, I can't state for a fact that the Motorcycle 20W50 is or isn't "better" in your Harley than the regular 20W50. I guess if we have an enterprising individual with deep pockets they could submit a sample of each to an oil testing lab and see what they say.

Jerry