Most magneto-powered engines (like the 90 hp Johnson on my fishing boat) are turned off by shorting across the points. This is often done using a wire connected to the hot side of the points that is connected to ground to stop the engine. I have a toggle switch for the ignition. It is double-pole double-throw. When it is switched on, the battery is connected to the ignition (purple) so that the start switch can drive the starter solenoid. When it is switched off, the other side of the switch connects the magneto points to ground, stopping the spark. I believe that this is pretty common.
For a point-and-coil ignition like in cars or Marinettes, the engine is normally stopped by simply removing the power to the coil by turning off the ignition switch.
1975 32' Flybridge Sedan, twin Perkins 6-354 diesels, 1:1.53 velvetdrives, 16 X 19 props. Merritt Island, Florida