Your version would expect a list of two elements, you use & to indicate that you're collecting the remainder of the list as in:

  fun flip_all([Posn(x, y), & rest]):

You'd need to amend the logic of the function body to iterate or recurse over the remainder. You'd also ended up with a nested list using your version but you can use & again to splice in the result, so if you wanted a recursive version of that it would be something like (skipping the base case):

  fun
    | flip_all([]): []
    | flip_all([Posn(x, y), & rest]):
        [Posn(y, x), & flip_all(rest)]

(not tested, don't have Rhombus available on this system but that should be correct)

If you really want flip_first it'd be:

  fun flip_first([Posn(x, y), & rest]):
    [Posn(y, x), & rest]