Hi '72 and welcome,
to enlarge on 5twins' explanation, the decompression lever/start switch combo was only used on the first two years of the E-start XS650s.
They did keep fitting the decompression-compatible rocker arms until they ran out of them some years later and the 4-stud left exhaust valve cover stayed until end of production.
When weather permits, check if your 4-stud valve cover has the cable arm on it or if the cover has been replaced with a later plain cover.
If it were mine, I'd try to restore the decomp/start just for cuteness sake but the bike will E-start just fine without it if it has a normal start button and (of course) a good battery.