Yes, it is a most interesting mechanism. It can work in different ways. With the camera I am working on now I can get an amazing variety of shutter speeds by using only the white dot. With the red dot I can get none.
As you know, I make winding/speed knob by myself. I don't have white dot. I have open central part of the knob, I can see there is speed pin selector go. For sport group it has 3 notches, 100, 200, 500/1000 last one "sheering" by some separator. This is only working notches (speed) in my Contex. If I need select a speed I put the speed pin in one of those notches. Interesting what 1/100 notch (or white dot) working in all groups and give me 1/2, 1/5, 1/25, if I need 1/50 just move pin into 1/200 notch in "normal" group. Sound a little complicated, but it not. Just select 1/100 and only change the group if need a slower speed. However 1/200 and 1/500 and 1/1000 works in same way and giving additional 12 speed combination 🙂