What are the equivalent Cisco Switches for the Stratix 5700 Switches?
At a high level, yes the protocols are compatible. As long as everyone follows the Ethernet standard, you can use multiple protocols. IP can carry TCP, MODBUS or others.
But your diagram suggests you may have other problems. As has been pointed out, spanning tree will create a loop-free path. In the event of a failure, it will take a few seconds to reconverge. That may or may not be acceptable to your system.
Also, you've created a single layer 2 domain. while that isn't bad in itself, it means there are more things to go wrong that may affect your whole system. Your IP addressing needs to be a single subnet for all your devices.
In my experience, some industrial devices (MODBUS) have trouble when there are lots of other devices on the network. They sometimes are sensitive to broadcast frames. If that's the case, you will need to add routers to create multiple subnets.