Neither; it's 22 nano-farad (nF). Or 0.022 micro-farad (uF), if you prefer. 22uF film or ceramic capacitors are rare, if they even exist at all. That kind of capacitance usually requires an electrolytic can-shaped capacitor, and is never used in guitars. 0.022uF is a probably the most common tone cap for humbucker-equipped guitars. The highest I've ever seen used in a guitar is 0.1uF, and that was in very old Strats.
It's another cap. I didn't see the original photos but assuming they're like the ones I'm posting below, there's a 180pF ceramic capacitor on the volume control, probably acting as a treble-bleed to keep the sound from getting muddy when you turn the volume knob down.
So here are a few pictures illustrating the wiring of these old CE-24s with the 3-way switch:
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