I'd like to be educated here why a big switch statement wouldn't necessarily protect us from these CPU vulnerabilities? Anyone willing to help?
So, yes, the switch statemement might be safe, but you would need to prove that your switch statement doesn't use those instructions. You don't get to claim that for free just because you are using a switch-statement.
Conversely, even if you execute bare metal instructions for the user of the VM, you could also deny those instructions to the user. Eg by not allowing self-modifying code, and statically making sure that the relevant code doesn't contain those instructions.
So the switch statement by itself does not do anything for your security.
But yes, unless you solve the halting problem, anything that bans all bad programs will also have false positives. It's the same with type systems in programming languages.