Typical switches for mains application have to handle at least the mains itself: typically 2.5kV or so when transient (surge) is included. Check datasheets to be sure, or if they doesn't say, ask the manufacturer.
Note that, in case the switch contacts get welded or something, the resistor might get stuck on, creating the second scenario automatically. So, maybe still rate it appropriately, or maybe add a slow-blow or thermal fuse so the resistor will go open if it stays on for too long.
Can the switch not also be used to hold the device in reset?
And, does it really matter, is it just an annoyance, but it doesn't cause any wear of components, or data corruption or anything? (Not to invalidate the need for user convenience, mind; just feeling this out, here.)
Tim