2 segment bar (toggle switch) OR Segment bar and a dropdown
Let's look at the bigger picture...
Having two, mutually exclusive options which control do I use?
- RADIO BUTTON
- TOGGLE SWITCH
SELECT: Multiple options, best for over 5 options. May be mutually exclusive or multiple selection.
RADIO BUTTON: 2 - 5, mutually exclusive options.
TOGGLE SWITCH: 2, mutually exclusive, binary options.
The question posed does not have more than five options in any case, so let's compare toggles and radios.
"Binary options" describe an ON or OFF state. When there is a single concept that may used or applied, or not, i.e., ON/OFF, ENABLED/DISABLED, ACTIVE/INACTIVE...
It is popular to use the toggle switch control to select between 2 mutually exclusive options but are not binary, such as ANDROID/IOS, APPROVE/REJECT...
In that case, one might use a toggle control:
However, determining the active state of the property is somewhat ambiguous—is the darker background selected, or is the lighter background select?? Adding multiple "active" cues will mitigate this problem.
A well established convention for mutually exclusive options, whether binary or non-binary, is the radio button:
With radio buttons come decades of familiarity, and simple, clear "active" cues.
If one is concerned with radios looking "old-school" one can "modernize" them without loosing the tried and true cognitive recognition and interpretation:
...from Awesome Custom Radio Buttons