Well yes... it does have that whisper of cocoa. When I make red velvet cake it doesn't scream chocolate to me either... I don't think there is a word to describe the flavor of red velvet cake other than, well, red velvety.
BUT... I like caramel with vanilla cake too, so I guess I just don't see caramel being all that eeew with the red velvety flava of red velvet cake. I suppose I'll have to give it a try. I might just come back and eat my words with a big ole' EEEEW.
Don't knock chocolate zucchini cake until you try it... moist, chocolatey and oh so good.