There was one reason, coming from the real high impedance tube era:
The switch has to be located on the front panel, along all the volume control and other controls handling small signals at high impedance.
There is a parasitic capacitance between wires or components in the proximity to each other.
When wiring the switch to the Phase side, there is the full AC mains voltage between the wires to the switch vs all the rest, include the signal wires, so you get mainly the mains hum into your signals.
Now if only the Neutral is switched, there is very low potential on the lines towards the switch, so way less hum and noise coupling into the sensitive signal lines.
Yes, the correct way is the use of shielding, but that cost money. Just wiring the switch to the Neutral is for free.
Safety wise such device should be then treated as "always ON, no disconnect switch", so has to feature means to prevent the mains wire to remain connected while the covers are taken off (e.g. only "just big enough" hole in the back cover to pass the IEC connector, so the connector connected does not allow the cover to come off) and similar. But not sure if such approach would ever fly anymore, given the small size the modern components are...
In modern designs the problem is solved by placing the mains power switch onto the back side (just along the IEC connector, so out of reach from the sensitive part; and being there just to satisfy the wording of the Code) and put onto the front panel just some "GoToSleep" pushbutton controls.
And it looks strange to me SPST would be allowed with class-II devices.
Here it was the exact opposite: Class-II (double insulated or equivalent) must have DP switches, while class-I devices had no limitation, so may use even SP switches even in the Neutral (as the electrical safety was covered by the PE wire, which obviously should have no interruption at all).
In fact many appliances (mainly the heating ones, like hot plates, ovens,...) were wired with the control thermostat in the Neutral and the (usually overtemperature) protection cutout element in the phase. The reasoning is, the thermostat is way more likely to fail, because being "clicked" all the time. So may a short circuit happen between the N side and PE (when plugged to non-GFCI circuit), in both ways it will heat up without any control, overheat, so likely trip the protection element in the phase. This phase protection element then cuts the phase input. Of course, if a short to PE happens on the L side, the MCB/fuse trips and shuts the power off.
In this way at least some temperature limiting device is in either input wire, so even when L and N get swapped, the thing remains safe even when short to PE, not causing MCB to trip, happens.
So I thing yes, it could be OK to connect the SP switching element only into N wire, but you should have good proof it is for your case the safest option. So won't fly for a combo anymore, I guess...