Am i right you are talking about Intova LED 4.7W 130 Lumen Light or about another model of Intova?
https://www.divegearexpress.com/lights/backuplt.shtml
Yes. The magnetic slide switch is only on the cr123 versions (there are several models: wide, narrow, and 3w and 4.7w versions of each), the push button version is only on the AAA one.
From the page you linked:
The slide switch version has been the most popular and the slide switch is easier to use with heavy gloves, but some people like the idea that the push button version is less likely to 'self actuate'. The slide switch version uses the CR123A lithium photo batteries found at the drugstore with the longer burn time, the push button version uses the ubiquitous AAA alkaline batteries found everywhere. The shorter push button version fits in BC pockets better, the longer slide switch version tucks into the harness webbing bands a bit nicer.
The slide switch version, as they call it, has been around for 2-3 years now, perhaps more, and has been relatively well-vetted. The push button version is very new, and there isn't much reliability info available as to the switch.
I've never owned the slide switch versions, because I don't like cr123 batteries, but I'll tell you that I've had issues accidentally turning on the push button version accidentally as well. On the surface, though, not at depth. I think the bolt snap attachment can accidentally push in the button when the harness is loose, sitting on the shore/boat, and you need to keep an eye out for that. So there are strengths and weaknesses to both.
Again, though, I wouldn't take the push button version on any technical dive due to the shortened burn time and lack of long term information about reliability. I suspect that switch is going to be the weak link in the design... I don't know how well it is going to deal with sand, salt and silt, for one thing. (The single-side attachment point annoys me as well, as I prefer center mounts, but that's less of a problem and more of a preference.)