Disable automatically opening *.ipynb files in Notebook Editor
To make sure the Jupyter notebooks don’t open in the Notebook Editor automatically, make sure to disable this settings. (Command Palette -> Settings)

OR
In the User or Workspace settings.json, add the following the root json – "jupyter.useNotebookEditor": false
To toggle between the Notebook Editor and Raw Text Mode Editing
There is an option/command called Reopen Editor with..., which will provide you options to open the *.ipynb file in text mode.

You trigger this by performing a Right Click on the Editor Tab (Editor Title Bar) or Command Palette -> Reopen Editor with...


PS: I have the Jupyter extension (v2020.12.414227025)