Yes, something like that.
Let's say I've got 3 rack preamps (clean, crunch, lead), 2 chorus units, 1 delay unit and 2 reverb units. So my selector should have three "presets". For "preset 1" I've switched on clean, high output chorus, delay and high output reverb, then "preset 2"-crunch, low output chorus, low output reverb and "preset 3"-lead, delay, low output reverb. I'm in the middle of the gig and I'd like to switch these presets without doing the "tap dance". So, if I engage "preset 1", other two are off. Suddenly, I've got to play guitar solo, I'm turning on "preset 3" and immediately "preset 1" turns off without pressing it.