They allow you to send and receive data via the i2c ports, that’s it.
Exactly what you need to send and how to interpret what you receive is up to you
There doesn't seem to be a node for your specific device, so you would need to read up on the device protocols to find out how to communicate with it. You may glean something from the script you have.
Alternatively you could call the script from node red using exec node then make use of the output from that.