You are looking for a “dual fuel” thermostat. It looks like your current t-stat doesn’t have the necessary second W wire, so the other option if you don’t want to get another one is to put a toggle switch on the W instead of splicing them together as you’ve sketched. This is what most of us who’ve done thermostat upgrades have done for the fan to keep the two speed options, as all 24v house thermometers just have 1 fan wire.
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