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That is what Magnavox called "videomatic". It switches in internal factory preset controls for color, tint, etc. Most brands of TV's had such a button and it was called various names, according to the manufacturer. Magnavox called it "videomatic", RCA called it "AccuMatic", Zenith called it "chromatic", Philco called it "philcomatic", etc. When this button is engaged, the front panel controls have little, or no effect on the picture. In some TV's, there is a photocell that is also engaged when this button is on. It's purpose is to adjust the picture brightness according to room lighting.
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