No - that's the aperture stop down lever. Once pressed, either fire the shutter to re-open it or turn the aperture back to maximum.
Early C lenses did not have this. The SWC doesn't have it.
The self-timer is another switch that is set to V (only after the shutter is cocked).
Use the self timer only if you know your lens' mechanism is good. I have a mix of older C lenses and CF lenses and I do use the self-timer just because I can.
The button under the wind lever pre-releases the camera so that photos can be made with almost no vibration. When cocked, pressing this lever will close the shutter, stop down the lens, raise the mirror, and open the rear baffles. Then, all you have to do is press the release - in which case only the shutter blades move - no vibration. You'd want to use a cable release for best results (or the self timer).
By the way, your photo shows both magazine and body in an uncocked state. With Hasselblads, it's best to get into the habit of keeping everything cocked (just like a motorized Hasselblad always is). That way you're less likely to remove an uncocked lens (=future jam).
Camera people always worry about leaving shutters cocked and firearms people are always worried about leaving magazines with rounds in them - they think the springs deteriorate while under tension. Not so. At least four mechanical engineers have told me the static state doesn't affect the spring - wear comes from flexing.