The switch above the XLR does not control phantom.
Let me retract this statement because it depends on how you have your box configured. I posted what I remembered as the behavior of the box. But I had my box configured to provide phantom when in line input mode. I played with the 48V power controls last night and now I have a different story.
From the menu, you can configure the box so that when you move the switch between line and mic positions, 48V is disengaged or engaged respectively. You can also configure the box so that 48V is engaged when input switch is set to line. This is the case I described.
But here is something I discovered that could be a problem in the field: If you have the menu selection set to provide 48V to "line and mic", you can move the input select switch and 48V stays enabled, as exepected. However, if you are in that mode and use the panel shortcut keys to turn off 48V, then the menu setting silently changes to "mic only" and you will not be able to turn on phantom to line level again unless you navigate the menu and reenable the setting to provide 48V to line inputs.
This could be a problem if you go line in and need to swap the mic cables quickly in the field. I figured I could work around this by powering down the 722, swap cables, then power on again. That was faster than navigating the menu to restore 48V to my line inputs.
I can see where this might be considered a safety feature, but I don't like SW to silently change it's configuration.
Edited for spelling.