FSESC Dual Plus Control Logic

Hi - Just getting around to making a wiring diagram, and have the following issues.

First is easy, but a head scratcher. Flipsky says do not remove shrink wrap, but you have to remove it because the power switch has nut on back, not the front. Difficult to get through a panel unless you push REALLY hard. And the power switch is already attached under the shrink wrap.

But to more technical questions:

1 - Is the 5V on K1 present before the ESC is enabled?

2 - It appears the switch is wired so that “ON”, when button is in its depressed mode, is open circuit (pin 2 floating. And when the switch is raised in its OFF position, pin 2 is shorted to GND. Is that correct?

Thanks!