Note to Microsoft. This switch is OFF! This is the way that hardware toggle switches have worked for years. This is the way that toggle switches on other operating systems like MacOS and Linux have worked for years. This is even the way that toggle buttons in the old Common User Interface Guidelines worked. I note that toggle buttons are no longer part of the Windows UI.
So why Microsoft did you implement your toggles the other way? In Windows this switch would be ON. The button says what the button will do once it is pressed.
This particular switch is an example of a situation where confusion would be dangerous, and surprisingly to me a young person I was working with got confused about this switch. If someone used to Windows was genuinely confused by this switch and toggled it expecting to turn it off before working on the attached equipment or opening the fuse cover things could be nasty.