This is a 2018 wiring diagram not using a VESC. The reed switch only disconnects the remote receiver from the ESC.
Here you disconnect the battery from the ESC by switching the 150A circuit breaker off.
If you use a VESC (Trampa 75200, FLIPSKY…) you can get real-time data on your screen remote such as battery current and motor rpm. You can also retrieve other session data offline.
There are more simple wiring diagrams such as @jeffM V4 board’s still using a magnetic switch but disconnecting the battery from the ESC. You have to read the full post.