I doubt if it's a DIL switch issue, it's more likely a different set of sound PROMs (basically memory chips which store the sound effects).
I still own an Austin Powers, and we have one at work as well. Both have the same sound (and the same 'bent' reels, must have been a batch issue with these bloody machines). The emulated version uses completely different sounds, and while I've not played it for a while, I'm sure it 'reads out' the feature names as you are expecting, whereas the two actual machines I've got experience of don't do so. They make the same noise no matter which feature is offered.
As stated above, the term 'attract mode' is exactly that, it is the machine's way of 'attracting' players when no-one is playing. It's the light sequences, alpha display messages, and (occasionally, I know of some Red's and Vivid's that do this) play a sound effect every so often to attract a player.
If there is a an 'attract mode' DIL switch in the machine, it's likely it'll either cancel the attract mode altogether, or make it much less active - basically slower. This is done when the machine is located where an attract mode might be distracting - such as a betting office, or a posh bar :P
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