Lmao. No.I just don't get it.
What's the point of having an Action Button? After pressing the Action Button you still have to click on the screen and navigate which actions you want to assign. I don't think it will be instant as activating the mute switch and launching the camera app.
The whole idea is to map a quick action to the button. There will be a separate settings section where you select which quick action is mapped to the button, and then it will indeed be an instant 1-click launch into that action. I'm sure in some cases like shortcuts Apple's lawyers will cripple its usefulness with 75 "are you sure" dialogs, but beyond that, it will be really useful.