A 'polarity' switch (on all old amplifiers, not just Hiwatts) was used in olden days, when two-wire/no ground mains connections were the norm, to minimize hum based on whatever sketchy mains outlet you were plugged into. Fender actually used one for a bit with 3-wire mains, but they mostly disappeared when 3-wire mains connection became the norm (and the law in most places
). It is fairly useless and even dangerous (if the internal cap fails) when using a modern 3-wire mains connection, with the ground lead connected to the amp chassis.