Tippmatic auto shut-off switch - how to use it?
So I finally was able to validate @SpehroPefhany's opinion.

When connected as indicated by the manufacturer, the switch operates correctly.

The logic behind the component is the following:


The switch is normally off. Turning it on is a manual process.
The only scenario in which the switch turns off automatically, is when the mains' power fails. This way, when it comes back up, the appliance using the switch isn't automatically turned on.
To turn it off, it's only necessary to pulse a certain \$V_{coil}\$ (varies with version of the component) for at most \$T_{(on)}\$. This will make the coil release (open) the switch.
In case the switch is turned on manually after pulsing the coil (powering on the circuit/appliance), the coil can only be pulsed again 2 seconds after this operation - otherwise it heats up, damaging the component.


As for connection of the switch, the instructions I added in the question edit are 100% correct and straightforward.

Hope this helps someone else who might have a similar problem.