Maybe; maybe not.
Comments...and this is not directed specifically at you:
1. IMHO it's actually a polarity switch.
2. The reason results vary.
a.) The phase variance between the pickup vibrations and the sound from the amp depends on the frequency and distance between the pickup and speaker.
b.) The speaker itself will also introduce some degree of phase shift that (AFAIK) varies with frequency. Let's ignore this for the sake of discussion and assume the pickup, amp, and cab start in absolute phase. In other words regardless of the note you pluck, the vibrations of the pickup and speaker are perfectly in-phase.
c.) It takes time for sound to travel distance (propagation delay). The speed of sound varies a bit, but in generally is takes about 1mS for sound to travel 1.3'.
d.) Wavelength is inversely proportional to frequency. In other words the lower the frequency, the longer the wavelength.
e.) The phase angle will rotate as the sound travels from the speaker back to the bass. Because of 2c. and 2d., the phase angle when the sound arrives at the pickup depends on the frequency and distance between the speaker and bass. Some frequencies will be perfectly in-phase and some will be perfectly out-of-phase. Most will be somewhere between in-phase and out-of-phase.
3. Switching the phase (polarity) generally shifts the problem to a different frequency. Let's say you're getting feedback at 130hz. This could be because there are more than one resonances in the system centered at 130hz. Because of the wavelength and distance between the bass and speaker, with the switch in one position, the sound from the amp arrives at the pickup perfectly in phase, which results summing and causes feedback. By flipping the switch, the polarity of the sound from the amp is inverted, so that it cancels at 130hz instead of summing.
a. Sometimes flipping the switch will cause a feedback problem to occur at a different frequency.
b. If the polarity switch does not help, you can try changing the distance between the speaker and bass.