If you're not trying to photograph anything closer than 0.48m, then yes. But most of the time it won't make any difference.
That switch is the AF range limiter. In one position it allows the AF to range from infinity down to 0.48m; in the other it ranges from infinity all the way down to 0.31m. Although that doesn't sound like muc of a difference, if you play with the manual focus you'll see that the ring has to be twisted about as far to get from 0.48m to 0.31m as it does from infinity to 0.48.
The reason it usually won't have any effect is that this setting is only relevant if the AF is having a really hard time trying to lock on. What it does then is focus all the way to one end of the range, and then come back, trying to get a lock. Limiting the range to 0.48m means it will get to the end of the range much more quickly, so it should lock on more quickly - and as long as you know the subject isn't closer than 0.48m, you'll be OK. But in decent light with decent contrast in the subject, the AF will lock on without having to 'hunt', so this setting won't matter.