It is possible. Systems with two stars can have planets on three kind of orbits: They may be orbiting the red or the blue star or alternatively both together.
The obvious choice is here one that orbits the red star. The blue star could be at any distance. (only not to close) If it is far away it might not really interfere with the habitability, that only depends upon the red star. The blue star would be a small point (but still much brighter than any other star on the night sky) up to a fraction of our the red star. In the later case you might not be able to look directly into it. The blue star might also change during the year. And it could also change during the rotation of the two stars around each other.
However, there are two more possibilities:
The colour of stars depends only on their temperature. That means that the blue star is considerably hotter. I'm here assuming that that are their actual colours, it is possible that they only look like that, but I will discuss that later. The hot blue star might be smaller and therefore be eject less light. In that case the planet could be orbiting both of them together. However in this scenario you may only see the blue star during day and early in the morning or late in the evening, it is always close to the red one. Also for the blue star to be smaller and hotter, it must be considerable older than the red one. (Older stars are hotter.) That means that they cannot have formed together. It is possible, if not very likely, for it to be caught in the system later. However this would make a serious mess with the planets. Some might be ejected from the system, while others might change their orbit. That would make the conditions for live difficult. However if it somehow survives that first phase, everything could stabilise itself. Also the planet might only afterwards become habitable.
The third possibility is that the stars only look blue and red. The sun looks yellow during day but red in the evening. Similar could happen on that planet. Maybe, just maybe, the atmosphere could make them look in the desired way. However I cannot tell you how that might work. This would work with any orbit.