Also, what's the use case for switches flipped in different directions that wouldn't be covered by software buttons? We can't possibly be talking about targeted attacks-- in those cases you're screwed no matter what.
That only leaves indiscriminate software attacks. Now take the hardware switch setting where baseband=off and wifi=on. I guess it's nice that evil software cannot pretend that baseband is off when it's actually on. But evil software attempting to "get out" is probably going to use a high level call out to the net. So who cares that it must now leave through the wifi radio instead of the baseband radio?