An 0-42 switch is a handle or button that actuates the movement of the points on an 0-42 turnout.
You may see variation in how diameter is measured in O. Sometimes (early L) it refers to the outer dia.; not the track center as you might be used to. I.e., check each beforehand, an Atlas 042 and and early Lionel 042 may not line up proper. But cutting/blending is possible. Don't let pins/connectors be a holdup. If butted end to end, shimmed for height, and both tracks are screwed down; the wheels wont care much about missing pins and can transition between two track types.
Many turnouts in O are curved vs say a #6, which is normally not curved, but represents a deviation angle.
The curves in the turnouts usually end at 45°, 33.33°, 22.5°, etc, etc. and take respectively 4,6,8,12, etc etc, pieces to make a full circle. So , yes a curved 042 portion of the turnout takes the place of one piece of 042 track if both are of the same general design.
Where 8 (45°) is needed for an O; to add a straight stub siding on one turnout; now you only need 7 curves,+ 1 (45°) turnout, +a straight traçk to make the O into a Q.
The Fastrack design actually has a small addition to curve to cover two exit angle possibilities.