If the power has failed and the machine does not restart when it comes back, the rotary control will remain in the ON state when the machine is off.

A better example may be a solenoid button, used on industrial machinery which should remain off after a power failure, which stays held in when pushed, but pops out when the power is cut. They are not common outside of such machinery, because they're extremely expensive. In the first half of the 20th century, they also saw some use in elevators: https://news.ycombinator.com/item?id=37385826