Every S&W revolver I've seen with the infernal lock have those same two holes. Revolvers without the lock have neither. I know I'm stating the obvious here, and I'll admit I'm not certain what the purpose is for the smaller hole toward the rear of the frame behind the larger hole that has the lock mechanism exposed for the key to operate it.
I have an old beat up M 642-2 with the lock and it looks just like the OP's photo. I think DT75 may have the answer. Since I have not inspected nor disassembled the IL on my copy, I can't say for sure, but it sounds like a good possibility. All I've done with my copy is shoot the snot out of it without any negative consequences. I have never operated the lock. I've just left it alone and kept an eye on the mechanism to see if there have been any changes during the shooting. At some point, I will be removing the side plate for cleaning and inspection, and I'll be looking to see what that tiny hole might be for.