Replacing old 1970s two gang double light switch with new one, back to old wiring red and black, also has another switch which isolates both,

[rhares]

 

[westward10]

Connect the same as the others and ignore the loop.

 

[littlespark]

As westward says, but pay attention to the terminal markings.

Your old switch has Common, L1 and L2 in a triangle, with Common at the pointy end.

Your new switch ( ignoring loop, as it has no internal connections to the switch) Com is Common… same function. 1 way and 2 way are the L1 and L2… but you can see they’re in different positions. Just keep Common to Com, L1 to 1 way and L2 to 2 way.

Also you’ll notice both switches are orientated the same way up on the faceplate as separate entities… whereas your old switch was 2 switches built into one casing.