In a three way valve doesn't the media only flow one path? Switch it and it flows the other. Now a 4 way valve can have two different paths after switching there is still only two paths but the source of each has been alternated. Similar situation with three way and 4 way switches.
If you are stopped in the middle there is potentially three different ways to go. But electric current or hydraulic media does not stop in the middle and then have a choice to go any of the three possible directions. The direction it came from is likely not even possible to go back because of voltage or pressure so that leaves only two ways to go from this point.
Still makes no sense why the names are what they are.
I don't really find the hydraulics valves that confusing, just the reasoning for the names 3 way and 4 way, just like for switches.
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