Short answer: Yes
Long answer:
Some items have a 'Recommended level', some items have a 'Required level'. Some have both, of course. You won't, obviously, be able to equip an item with a required level higher than your own level.
Also, some items with cool effects (aka 'procs') on them will only work once you attain a certain level, and some items that allows you to cast a spell you normally wouldn't be able to cast (due to level or class or whatever) also require you to be a certain level before they will work as intended, even though you may be able to equip them earlier.
So yes, the red figures show you what you get here and now, while the numbers in white show you what the item will eventually give you, once you reach the recommended level.