Currently there is no Toggle Rule. So Long Press can either Turn it on or Off but no toggle. This is currently an item in the Wish List location:
Add More Triggers for Wyze Rules - Wishlist / In Progress - Wyze Forum
There are 2 modes you can set the switch to, located in the Single Press: Classic Control for use with non smart devices/bulbs and smart control to control Wyze Smart Bulbs.
If you are set to classic mode, then the lights will still work when WiFi is out. If you are set to smart Control, then there will be a possibility it wont work. This is because the devices are depended on WiFi.
I am set to Classic Control and then use the other press and Long events control other Wyze Devices in my house.