The effect is if you flip the motor into reverse, it reverses, instead of keeping going the same way.
Evidently it is not a centrifugal switch.
The way the "Instant Reverse Switch" is shown in the Schematic, along with the Positioning in the Auxiliary Circuit, should be for Plugging the Motor.
***FYI***For those unfamiliar with the term -Plugging-:"Plugging" is a Motor Control term for rapidly stopping the Motor by Temporarily Reversing the Rotor's direction.
This is achieved by momentarily connecting the Motor, so as to run in the opposite direction - resulting in a very rapid stall.
"Anti-Plugging" Control would be used to stop the Motor "Normally", then automatically start in the reverse direction.
-- Scott