In fact, this sounds exactly like something invented by someone that was never a technician in critical industries but they wanted to add some cool wanky feature to show innovation.
This switch position will never be used by any people in critical industries. In fact, I could see field manuals enhanced by warnings that it should not be used as a replacement for current safety procedures.
I've worked at companies that would lap this feature up and immediately write it into the test procedure.
I have no doubt that it would seem cool to middle management bureaucrats at first sight.
But it is not a replacement for Live Dead Live Test, not a replacement for calibration and calibration stickers and battery voltage check is already part of procedure (no need for battery voltage, just go/no go).
To make it even worse, there is no traceability, no way to check if someone did the test, when they did it and who did the test. User can disable calibration warning from menu easily.