I know ⏽ means on, but if I see ⏽, does that mean it's currently on, or that it will be on if I move the toggle to the location of the ⏽? Off ( ▢) On

I know ⏽ means on, but if I see ⏽, does that mean it's currently on, or that it will be on if I move the toggle to the location of the ⏽? Off ( ▢) On (⏽▢) (⭘▢)