In general, if the OEM suggests that you use a specific number formulation of Loctite you should go with it.
From the spec sheet 567 is an "instant" seal, where blue or red does take some time to set up. The temp tolerance for 567 is about the same as the melting point of 261 Red (High Strength), but I doubt that has anything to do with it. Less liquid creep is probably the main reason, makes for a better watertight seal.
I use Red and Blue Loctite extensively in custom and race motorcycles. From what I have always known, both of these strengths are supposed to be waterproof when cured but don't quote me on that. Contrary to what was posted above, you do not need to heat up Blue Loctite to release the threads in the future. The medium strength blue is formulated to lock threads well but not exceed the torque that would break the bolt upon removal. With the red, yup, you better heat up to 450 to get that sucker off or you will be in a world of hurt (don't ask me how I know this). I use blue MOST of the time, even on bikes. The only thing that gets red Loctite is the engine mounting bolts on my Choppers and maybe a few others. I have big bottles of the stuff that cost almost $50 a piece, but big in terms of Loctite is like 3 or 4 oz, LOL. You only need drops, so I've had the same 'big' bottles for the last 6 years. I also have some sticks, they come in handy.
Here is a pro tip... When looking for a specialty number formula of Loctite that you may need for only one job, find out who your local sales rep is and request a sample. Being in the motorsports world this how I've always gotten those odd number and colors of thread locker like green and yellow, and also that is how I purchased the larger bottles that are only available to industrial customers.