Its the on/off switch for the air suspension.
It must be turned off when raising the car, or wheels, off the ground.
Damage could be done to the strut airbags if left on.
If left off, self levelling will be inoperative, and over a long period of time (depending on condition of struts) car will settle down very low, eventually onto its bump stops, so dont forget to turn it back on again before driving.
Here is the relevent section from the owners manual.