That generator is a "contractor series generator"
According to the owners manual, the 120/240 switch is used to provide more 120 VAC to that side by limiting the 240 VAC side of the system.
Looking at the schematic on page 24 of the owners manual
https://www.manualslib.com/manual/76...page=23#manual I can't find that "120/240 switch" so I can't be sure of the function as described in the manual.
That said, there are two 32amp circuit breakers installed in the supply lines, one for each leg of 120VAC that go to the 50 amp plug.
If the 120/240 switch is in 120
AND its function is as described in the manual, then putting it in the 240 position would improve power to the 50 amp plug.
Now, that said, translation of a "Chinese manual" to "English for USA consumers" has long been a shortfall. With the schematic not showing the switch and the "language inconsistencies", if it were me, I'd unplug the generator from all outlets, start it up, turn the switch to 240 and use a multimeter to determine exactly what is available at the 50 amp plug.
If there is 120VAC from each leg to common and also to ground AND there is 240VAC between the two hot legs, I'd suspect that is functioning properly. I would then turn that switch to the 120 position and check the 50 amp plug to see if there is any change in readings...
My guess is that with the switch in the 120 position, both legs are used for the 120 VAC outlets allowing both 32 amp circuits (64amps total) at the 120 volt outlets and when in the 240 position, one of those legs is removed, limiting the 120VAC side outlets to 32 amps while providing "split voltage" to both sides of the output (120 and 240 volt plugs)…
DO NOT JUST PLUG YOUR TRAILER INTO THE GENERATOR WITHOUT VERIFYING EXACTLY WHAT VOLTAGE IS ON THAT 50 AMP PLUG !!!!!!!