You can do this with Basic Rule, but Basic Button Controller (sort of like Basic Rule but without you needing to manually configure button triggers yourself--that's all it does) or "regular" Button Controller (sort of like Rule Machine but again without needing to define button triggers yourself) would probably be a tad easier. All you need to do is find the event on your switch and create an action that does what you want in response.
For example, with either app, for the "button 1 pushed" event (which corresponds to a single tap up in pretty much any driver I know of for this or any similar device), you might want to have an action that turns on your Hue lights. (For the rest of the events, Inovelli's numbering is a bit odd--"button 1 held" is actually a single tap down. See the "2-1 Switch Button Mapping" section in the manual for a complete list, or, probably easier, just try the event you want and see what it is based on Logs, events, or a live look at the device detail page.)
I also wrote Dimmer Button Controller to make some of this, IMHO, easier than using some of the built-in options (no need to choose your lights in each action--this assumes you want basically the same lights for everything, just different actions). But you'll still need to know what events in your driver correspond to what real-world actions on the device. It is also unlikely to play well with the awkward use of "held" events with Inovelli's custom driver (I use my own for these with more Hubitat-y conventions, but my Blue driver isn't quite ready for sharing yet...).
