no quite...
i dont know the figures for color temp, so can put them on the graph...
but plant use both red and blue light, they make more use of thebue during growth and more use of the red during flowering.

you can grow using all blue or all red but, its not ideal.
you can also have two bulbs, one red (HPS) and one blue (MH) and swap them over accordingly.

the new breed of HPS bulbs however are specificly designed to be stronger in both blue and red, elliminating the need for complex light set-ups, so you can just use the one bulb all the time.