We analyze the dynamics of two semiconductor lasers with so-called orthogonal time-delayed mutual coupling: the dominant TE (x) modes of each laser are rotated by 90∘ (therefore, TM polarization or y) before being coupled to the other laser. Although this laser system allows for steady-state emission in either one or in both polarization modes, it may also exhibit stable time-periodic dynamics including square waveforms. A theoretical mapping of the switching dynamics unveils the region in parameter space where one expects to observe long-term time-periodic mode switching. Detailed numerical simulations illustrate the role played by the coupling strength, the mode frequency detuning, or the mode gain to loss difference. We complement our theoretical study with several experiments and measurements. We present time series and intensity spectra associated with the characteristics of the square waves and other waveforms observed as a function of the strength of the delay coupling. The experimental observations are in very good agreement with the analysis and the numerical results.