Nope, it's a real A/B analog switch.
If you have A at GND and B at -5v, IE: VEE.
When you set the switch to A, the switch 'COMMON' will be shorted to GND (IE:A) with a 100ohm resistor.
When you set the switch to B, within around 30ns, the 'COMMON' will be shorted to -5v (IE:B) with a 100 ohm resistor.
It's also bidirectional as the mosfet technology simulates a real bidirectional resistor from 1 input to the common.
Note that the A may also be at 3v making your output swing between 3v and -5v.
The digital switch control input only goes between GND & VCC to switch, not VEE.
They are also available in DIP for breadboarding.
I used to use these analog switches in pre-amps to select audio inputs. Actually, the 74HC4052 variant was perfect for 4 channel stereo input selector, or, 2x 74HC4051 for 8 channel stereo input selector. The +/-5v range was great and if I went with the old 4052, the range was +/-15v.
Other fancy muxes exist where the on resistance goes down to 2 or 1 ohm, however, they arent 8 cents each (30 cents for 1 from a reputable source) and they aren't manufactured by something like 10 different IC companies, all compatible with each other.