When you turn on the ignition switch you power up the engine & fuel quantity guages, the ignition coil, and the hot side of the turn signal blinker switch by connecting them all to the electrical bus through a main (power to the switch) wire. There are several accessories that are also powered up including the radio and the overdrive relay if your car is so equipped. The electrical bus where the circuit breaker panel is, is always hot, key on or off. That blinker switch wire is the only light related item that is turned on with the key switch. The light switch is hot all the time so that you could leave the park lights on with the key removed and the car locked up. Folks don't do that much anymore but some states still had laws on the books about park light use back in that time frame.
Kerby
PS: Just so there is no confusion, the turn signal system actually has the two switches. One to control the turn signals individually and one to blink the lights. I refer to the later as the blinker switch.