No, it is meant to reverse direction of the control. For example if you have a slider on your joystick that you want to use to control thrust, you check the box to reverse the direction (e.g. if your slider decreases thrust when you push up, check the box to reverse this so that thrust increases when you push up).
The bug could cause confusion if a user wants to go back to normal controls after using a joystick or gamepad. They might click ‘restore defaults’ but still have the reverse set on thrust or yaw, causing the controls on the screen to not act as intended.