According to this picture from the now-Legends comic X-Wing Rogue Squadron 21: In the Empire's Service, Part 1, showing Derek "Hobbie" Klivian of Rogue Squadron ejecting from his crashing X-wing, it seems that X-wing ejector seats worked similarly to those of real-world fighter aircraft: The canopy detaches from the fighter and the pilot's chair is propelled straight upwards so the pilot clears the craft. Neither the fighter's console nor the controls appear to have been ejected along with the seat, and the pilot/seat is protected by a small magnetic field/deflector shield.
However, it should be noted that compared to the depiction of the X-wing pilot's chair in the Incredible Cross Sections book, there is a particular difference.
The X-Wing Rogue Squadron panel shows the pilot as seated almost completely vertically, with his chair elevated enough for his feet to be drawn against it and kept out of the way when the chair ejects, not unlike this real-world F-16 Fighting Falcon's ejector seat:
Comparatively, the X-wing cross section shows the pilot in a much more reclined position with no way to draw his legs against his chair. Indeed, the pilot's chair is completely different from the comic panel's depiction and is merely a seat rather than a self-contained ejection unit and there is no apparent way that it could be used to eject from the starfighter.
It should be noted that the X-wing series of novels appear to treat ejector seats the same way that the comic does, since at least one novel refers to starfighter pilot chairs/ejector seats being used as stopgap furnishings for living quarters. The Incredible Cross Sections depiction seems unlikely to be able to be used in that respect.