Is the piece of pipe on the bottom a replacement for the one on the top? The 40ish-year-old plumbing in my apartment sink needed some work and that question occupied a surprisingly large amount of thought.
The short answer is yes, with some effort.
The long answer is that a lot of standards, maybe most, have some gray areas in them. People who work with those standards – in this case, my plumber – learn to use those gray areas to their advantage. Strictly speaking, the old part and the new are not the same, but an experienced smart plumb er can use the new one in the same way as the old.