I think they represent data because I feel it is a mechanical machine which is fully configured and the holes decide only that the thread related to each hole must be moved or not. Thus the holes represent whether the mechanical energy should be transferred to that thread or not. In digital circuits program code decides the arrangement of the transistors thus configuring the circuit. Whereas the input data just turns ON or OFF transistors making the electrical power available to the output. Hence I think the holes (decide whether to transfer mechanical energy to output) and input data (decides whether to transfer electrical energy to output) are analogous.
But some sources say that the holes represents program.
I am extremely confused about this. Please explain this to me.So what is the best view here?