In the second picture the arrows refer to the contact points that flip back and forth (center terminals on the switch).
That is a 240v trick that I found in a boat lift controller where they were doing the switching with 2 pole relays (represented logically with a DPDT switch)
I got into this a while ago when I was called to replace a motor where the colors did not match the new one and I drew this to sort out how it worked so I could make the new motor work.
In the normal configuration you have one winding that is always connected the same to L1 L2 and the other will swap depending on direction desired.
It is really just the relationship between windings that establishes direction so you could swap either winding.
