What does the "eye" control in picture in picture mode do?

In tabletop simulator there is a "picture in picture" tool. One of the controls is an "eye" icon, but I have no idea what it actually does.

Does anyone know what this control does?

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Solution 1:

In the latest update they have added tooltip text to the control. This is what it says in both states of the control:

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So it would appear that it edits the pip view to simulate either a player or a spectator perspective. (not really sure when that feature would be very helpful, but at least now we know does the control does.)