Leviton 585 switch

I have to replace the 2 speed fan switch on my range hood. New switch is Leviton model 585:
Single pole, pushbutton switch. 2 speed 3 position 3A-125V, 1A-250V.

New switch has 3 wires: black, red, blue.

The old switch has black, red, brown.

Can I assume: black wire to black wire, red to red and blue (from new switch) to brown wire (existing)?

Thanks

Leviton 585 switch