This feature is available only on Mi Band 4 and is not technically possible to implement it on other bracelets, please do not ask for it.
Switch profile is an extremely advanced feature, that allows you to navigate through your own custom virtual menu, performing your own custom actions.
We like to call this feature gesture response unit. When used smartly, your bracelet and phone together will become state machine and gesture swipe will react to your requests as you desire based on the state it's in.
This is very similar to the system you are familiar with when you call your mobile operator. You are invoking actions by pressing numbers and the voice response unit reacts to them.
We do offer many predefined actions and since you can even switch profiles from plugins (Tasker and similar), the possibilities are truly limitless.
Example of very simple virtual menu:
To create and manage profiles, use the spinner in the navigation toolbar: