If we ignore the switch, the signals go through C4 and whichever its "mirror twin" is on the other side of the board, and on to the PNP's, right?
In most switches, the middle leg is usually the "common", and depending on the position of the switch (or lever, in the case of toggle switches), it gets connected to one of the two other legs of the switch. You with me so far?
http://www.zseries.in/electronics%20lab/switches/slide/pictures/construction%20of%20spdt%20slide%20switch.png
If we look over here:
https://groupdiy.com/index.php?action=dlattach;topic=67447.0;attach=54957;image
We see that the right-most pair of legs of the switch (towards the XLR) isn't even soldered in. On the other hand, we can see that the right-most legs of both pairs of caps are on the same trace, so they're connected together.
The signal coming through the black / white wires, in addition to going through the (i'm quite sure) smaller-value caps, also goes to the left-most legs of the switch. Looking at the outside of the mic, the "towards XLR" position of the switch is the "high-pass on"
If you slide the switch the other way, the midle pair of switch legs gets connected to the left-most pair, and as such, C14 and C15 are getting connected in parallel with C4 and the other one, respectively