My guess it is just that. A hardwire switch for the wifi chip. Truely the only way to really conserve the power. There is not option to turn it on in connection manager obviously without the switch being on ...although you can software switch it off as long as your hard switch is in the up position.
Very similar to the way headlights work in a car

Its a a real switch perhaps.
I would donate if someone could get it to work the flashlight though