Exactly, because the multiswitch isn't just a splitter, it's a multiplexer.

By the way, on C-band dishes, the choice between odd and even transponders is an actual 90 degree physical rotation of the antenna receiver within its housing. A dual-LNB dish is doing something similar, just using two LNBs to do it. They deliberately put odd and even channels on the horizontal and vertical axes to prevent crosstalk between the channels.