Is it possible to save and switch display configurations on MacBook Pro?

I do not know of any utility that will do exactly what you want, especially the changing Display settings.

I have used "Stay" and "Moom" 3rd party utilities (both paid apps) that can memorize window positions and restore them with either a keyboard shortcut or by automatically detecting that you are adding or removing monitors attached to your Mac.

It is maybe possible that you can have the utilities memorize different Display configurations and move windows to memorized positions when you do your configuration changes. But having never done what you are asking, I cannot tell you for sure that they would do this.

I am not sure if it do exactly what you are asking, but you may want to have a look at "BetterDisplay". There is a free version that already adds lots of features, and you can license it to enable the "pro" version with even more.

I currently have only one display, so I cannot test.

It can be done with a macro app like Keyboard Maestro. I use it to turn on/off the css file and the minimum font size in Safari's Advanced settings pane. It could be used with the System/Appearance settings also. These are the two states of Safari's setting:

a

and this

and this is how it works. I use two key combinations (⌘+1 and ⌘+2) to trigger it on and off.

There will be a learning curve with the app but it is extremely powerful. I have over 100 macros I use daily.

my use of Moom is to memorize my app window positions for my 3 monitors. I do not add or remove monitors from my setup. And I have apps and windows displayed on specific monitors.

I think Moom has a demo period before you have to pay, so you can explore how it works.

The memorizing windows positions is set via Moom preferences.