What you're asking for mostly exists. You don't even need a checkbox.
TypeScript support has been included with create-react-app since v2.1.0, with all the features enabled. VS Code ships with syntax highlighting and command completion for TS.
(WARNING: npx runs stuff from the internet on your machine)
That will make a 'typescript' React app run on your machine. Obviously App.tsx isn't actually doing any TypeScript stuff, but if you add some it will work.
If there was a checkbox on VSC that said “use typescript” for a project and I had to do nothing else for it to work then sure, I’d use it.
For a single dev working on a fairly simple React + Redux app it’ll slow you down like no tomorrow.