Yes, kinda, the red wire is the power in to the switch. The other wires are power out. In the stock switch they were set up to turn the power off or on in different positions.
Even though no one uses the park position.
When replacing with a on/off type switch then the red goes to input side of the switch and the rest hook to the output side.
Ah, I think I see what may be confusing. In my previous post I should have said I was describing the way the stock switch works. The stock switch works as I was describing.
Leo