3.0.3.187 has kind of addressed this, though the entire switch now seems reversed, but at least it's function is now consistent.
With the throw switch down, Midi Sync red light is off, and time is in milliseconds.
Throw switch up, and Midi Sync light is on, and time in tempo.
Typically, things are enabled by throw switch being down ( like Sequencer Midi sync, Chorus VCA, midi sync in V2)).
I can live with this as an interesting quirk of hardware.