The Turn On - Turn Off button only controls 3 things; clock modulation, chipset clock modulation and set multiplier. Everything else like voltage control is always enabled regardless of the state of this button.
I have not heard of clock modulation throttling being used on any recent laptop. The 8750H does not use chipset clock modulation throttling. Most recent laptops are using Speed Shift to control the CPU speed. When Speed Shift is enabled (SST in green), the Set Multiplier function does not do anything.
For most users, the only thing the Turn On - Turn Off button does is it changes the color of the system tray icon.
In other words, the Turn On - Turn Off button has become obsolete. There is rarely any need to use this button on modern laptops. It will likely be removed in the near future.
If you really, really need ThrottleStop to always start up in the Off state, I will consider adding an option to ThrottleStop to accomplish this.