On Shared Hosting

Yes, as long as you can install and run Redis Server there as well.

How would I do that?

Do I need to check this on Cpanel?

https://prnt.sc/uciljk

That should be good ????

But I receive this error in error_log after enabling it.
https://prnt.sc/ud5hts

Ask you hosting company that the correct IP and port of Redis is and then adjust your config.

Maybe post your diagnostics as well.