quite a few reels have the 2 holes, the hole that shortens the arm with the handle on in theory means you have to move less to make 1 full rotation so in effect you wind in quicker,
The hole that makes the handle longer on the arm with the handle makes the rotation bigger so in theory more hand movement for 1 full rotation, though all it really does is gives you more leverage making winding a little easier when their is a weight on the end.