Quick question about textures for cubes

I was wondering if I'd be able to create textures as simple as this, and for example have the red square repeat 4 times (X axis I believe) and than the green side repeat twice for top and bottom. That way just 2 squares can cover the entire cube.

First off, is it possible? Secondly, is it even worth it? If it's more trouble and work than creating 6 squares than I see no point to it. And lastly, how do I even create it to begin with, 2 sides or 6? The only tutorial I see is people doing it in blender, can't I do it in photoshop?

Thanks in advance for any help!