You are almost correct, but more accurately "yourself" is the default player character object and "your former self" is the printed name of "yourself" when the player variable does not point to the "yourself" object anymore. In other words, when you switch to another player character and the default character stays in scope it's called "your former self" to signify that the player is not controlling it anymore.
In code you'd define them like this (simplification):
The player is a person that varies.
The player is usually yourself.
Yourself is a person. The printed name of yourself is
"[if the player is yourself]yourself[otherwise]your former self".
This is, as far as I can tell, how the system has always worked and is unlikely to change any time soon.
If a game involves switching characters it's almost always best to discard the default "yourself" character altogether and create new objects for all playable characters, including the "main" character. It makes it easier to not make mistakes when defining rules that concern player characters because it's easy to accidentally confuse "the player" with "yourself" but harder to confuse "the player" with "Alice" and "Bob".