Right! This is the way the Spotmatic F works. Well, at least mine and that's what it says on Manual.
The switch on the left is no longer a meter on/off but it only switches between full aperture metering when down to stop-down metering when up.
The meter is a "always on" type and only switches off with a lens cap or when light falls behind a certain level.
To use SMC lenses, the switch needs to be down. With Super Takumar and other earlier lenses, the switches goes up to stop down the lens to actual aperture.
Hope this helps!
That is only applicable to the earlier 1964 Pentax Spotmatic model that had a long history of small improvements.Mine is the "Needle is Up when Meter is Off" variant. Heard there is a version where the needle is centered - surely something they fixed, makes me think mine's a late model (Honeywell).