Is the GoShogun OP being translated correctly?
Yes, the English translation is correct.
For comparison, here is the lyric in Japanese:

(5!　4!　3!　2!　1!　0!)
赤いボタンを　知ってるか
青いボタンを　知ってるか
[...]

Lyrics taken from Uta-Net+ (Japanese)
Which does translate to

(5! 4! 3! 3! 2! 1! 0!)
Do you know the red button?
Do you know the blue button?
[...]