OK, I see it on the spec sheet now. You're correct.
I would say that I am switching it on with no air pressure built up in the tank, and I switch it off with the unit not running. So while I technically am outside the specs, it's not a lot of abuse to this switch, only to the pressure-actuated switch on the compressor. And the latter is built for this.
Here's the single phase equivalent,
MS302-DS, which actually is about the same cost as the 1222-7PR that I linked. Except it lacks the red pilot light when "on" feature, but that could be separately added.