looks added by a previous owner?
usually if they put an indicator light on the switch, they are controlling something that you may not be able to tell if its on or working.
Maybe a light or fan in basement?
Cable tv/satellite booster?
An outside accessory that they would want control of from inside?
That's definitely a 110V switch. That's not to say a 110V switch couldn't run a 12V circuit, but that light wouldn't light up on 12volts.
Any added accessories or remote 110V appliances may be a good start.
Scary to think it could be a waterline heat trace?
Good luck!
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