This module is functionally based on one section of the Aries 335 Quad Switch, although the actual circuit is different.
It is 1 into 4 or 4 into 1 bi-directional, the routing is controlled by CV and the 4 pots.
If no CV is used the pots can be used to simply turn each stage on or off, so no need for toggle switches. If using CV, the pots add weight to the channels, so each one is more or less likely to be on or off. Each pot affects more than one channel, so the relationships are more complex than simple comparators.
LEDs indicate which channels are active.