Correct. I’d recommend trying to perform a manual firmware update, while connected to Midihub in bootloader mode, do Device → Flash Firmware… and give it the .bfw firmware file from [Download] Midihub Editor 1.15.3 & Firmware 1.15.1
Afterwards, it should hopefully recover to work well in normal mode.
Regarding the power switch - if it’s malfunctioning like that, it should be replaced, contact us by email to arrange it.