I thought I had posted a pic of the isolator on its own, but maybe it's another thread. My isolator is the same mechanically as the one you posted. In fact if you posted a Narva, it's exactly the same. Instead of a switch shaped like a key, it's a switch shaped like a knob. In fact, the knob comes out just like the key. If I lost the knob, and couldn't easily find that style in a shop, then I'm pretty sure the Narva key would fit straight in.
In any cae, an isolator is a switch. It really doesn't matter how it works, so long as it does. I think one of the guys here has some sort of home made knife switch with a rod attached. It's all good. So long as the contacts can handle the cranking amps for however many seconds. It's not like you are normally opening it under cranking conditions with big Frankenstein arcs spraying out of it! In fact, almost anytime you use it (extra safety feature when plane is parked) there is zero current going through it. Or zero in my plane anyway.
The isolator on my instrument panel is about 200mm from the battery by the way.
Edit, maybe not exactly the same, now I look at the picture but you catch my drift. It is an isolator. For my battery.