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The air begins to leak out of the overinflated AI bubble
(www.latimes.com)
This is a most excellent place for technology news and articles.
Actually you used it correctly. The slowdown to 8086 speeds was applied when the button was unpressed.
When the button was pressed the CPU operated at its normal speed.
On some computers it was possible to wire the button to act in reverse (many people did not like having the button be "on" all the time, as they did not use any 8086 apps), but that was unusual. I believe that's was the case with OPs computer.
https://en.wikipedia.org/wiki/Turbo_button