How to do tag wrapping in VS code?

Embedded Emmet could do the trick:

1. Select text (optional)
2. Open command palette (usually Ctrl+Shift+P)
3. Execute Emmet: Wrap with Abbreviation
4. Enter a tag div (or an abbreviation .wrapper>p)
5. Hit Enter

Command can be assigned to a keybinding.

This thing even supports passing arguments:

{
    "key": "ctrl+shift+9",
    "command": "editor.emmet.action.wrapWithAbbreviation",
    "when": "editorHasSelection",
    "args": {
        "abbreviation": "span",
    },
},

Use it like this:

• span.myCssClass
• span#myCssId
• b
• b.myCssClass