How does the new API version apply to older versions of GPT, like 3.5 turbo?

Is the new API version backward compatible to accessing/querying GPT 3.5 Turbo?
For example, will code including the following tailored to the new version still work?

client = OpenAI(api_key = get_key())
response =
	model = model,
        messages = messages,
        max_tokens = max_tokens,
        n = n,
        stop = stop,
        temperature = temperature,
        frequency_penalty = frequency_penalty,
        presence_penalty = presence_penalty