Yes, in this case follow the print for the typeface and use blue and underlining as in print. This is because the text specifically refers to these fonts attributes and gives a reason as well. However, text talks about blue type and underlined but your sample shows a word BOTH blue and underlined. What do you have there? Do not use both font attributes in the same word if at all possible. If you have blue words without underlining, just show those as blue. If all the underlined words are also blue, just show them as underlined and skip the blue. The text does NOT refer to words that are BOTH underlined and blue. If the boldface is not mentioned in the text, follow that guidelines that says to ignore it and ignore it. If the blue underlined words are significant and ALL of underlined words are also blue, do not show the blue, but write a TN that says all the underlined words are also blue.
If SOME underlined text is not also blue in print, let me know and please send a print example that shows ALL these characteristics as they appear in print.