
Looked at a spare coupler with same directional arrow and 'the penny dropped'. The design is that the pressure side has a round metal disc inside to secure an 'o' ring. When the valve is closed it appears the pressure exherted on the disc/ 'o'ring will assist in sealing the valve, hence the directional arrow. Probably down to which manufacturers coupler/design you happen to have available.
Purley academic really, but the mystery is now clear. Yes, when its closed or open the arrow doesn't really make much of a difference to the functionality.