To answer an old question, I would be wary of using the SWITCH function without doing some testing first.
(I do not have access to Office 365 -- I avoid like the plague that it is -- so I cannot test it myself.)
Recently, I learned that the IFS function evaluates all of its arguments, even if a left-to-right evaluation might find an early true condition and obviate the need to evaluate any further.
Of course, that is antithetical to why we often use nested IF functions: to avoid needless evaluations that might be costly in processing time.
Arguably, at least MSFT engineers had the sense to defer any error processing until-and-unless the left-to-right evaluation does not find an earlier true condition.
Nevertheless, the evaluate-all approach can cost a great deal of processing time if the needless evaluations involve expensive operations; for example, a needless VLOOKUP(...,FALSE) of 1+ million rows of data.
I would worry that SWITCH does the same thing.
Of course, that could be benign if the arguments are simple constants, like the examples on the support page. But it might be tempting to include expensive operations in some arguments.
FYI, the CHOOSE function works like the IF function: it only evaluates the argument that is selected by the value of the first argument.
The difference between CHOOSE and SWITCH is: CHOOSE requires a matching argument for all values 1 to n, whereas SWITCH can match arguments based on discontinuous numbers and even unrelated and different types of values.
There is no question that SWITCH can be very versatile. I just worry about its possibly poor implementation, like IFS. TBD.