It sure looks like a direct replacement - with the BTS716 having more smarts without pull-ups required for load failure.
One thing that appears different is that the body diode on the IR part is shown schematically as a 43 volt zener. The Infineon shows a 600 mv part. I can find nothing in the old IR datasheet about the diode but the output voltage clamp limits are different. I doubt it matters with 12 volts on VBB.
While I don't have extensive first hand experience, the few Infineon replacements I've encountered for IR devices appear to be more robust designs, perhaps it's just better internal block diagrams.