The short
answer is Yes, it'll reproduce after it's kind.
While not technically an "heirloom" (it's not an old variety - it's only from the 1970's), Waltham Butternut Squash are indeed non-hybrid and will reproduce its own species without varying much, if not cross-pollinated.
"Open-pollinated: A non-hybrid variety that can reproduce itself in kind, demonstrating relatively stable traits from one generation to the next." - Johnny Seed, Waltham Butternut Squash page
The only caveat I'd mention is that squashes in-general cross-pollinate like crazy. If you (or anyone else within 1500 ft) grow pumpkins or other squashes nearby, each resulting seed will be somewhere between 0% and 50% mixed with whatever it cross-pollinated with (the nearer the other squashes, the more of your seeds will get cross-polinated - so if a neighbor is growing pumpkins, it's not like 100% of your Walthams will be contaminated, but some will be).
Over several generations, if you have other stuff you also grow, the seeds will eventually vary from being true-to-type. In some rolls of the dice, you'll notice immediate departing. But we're not talking your entire bunch of seeds - e.g. you save and plant a bunch of seeds, some will be true-to-type, some will depart and make their own crosses with whatever cross-pollinated it.
In isolation, with no cross-pollination with other species, you'll get nearly 100% true-to-type. If not in isolation, you'll still mostly get true-to-type, and may also end up having some odd squashes that you might also enjoy.
So yea, go for it, even if you have other squashes nearby.