Does the functor $\operatorname{Hom}(\operatorname{Spec}(-),X)$ preserve filtered colimits?

Question

I want to apply this Lemma to the functor $X(-)$ for a scheme $X$ which is locally finite presentation over $A$, which by definition is just the functor $\text{Hom}(\text{Spec}\,(-),X)$. But this requires the functor to preserve filtered colimits.