Not really, no - it’s on the other side.
It should be on the front of the sliding plastic ring where you screw the Fleshlinght into.
(basically “under” the controls on the front)
I threw mine out years ago so unfortunately I can’t take a picture of it, but if you don’t want to completely disassemble your Launch (understandable - it’s a pain in the ass and you can easily damage it), take a look from the top down, between the outer and the inner part. Maybe you can still see the magnet or the recess it’s supposed to be in.