Fortunately microcode updates are not persistent and need to be applied on every boot.
Hardcoded signature validation can go a long way, but of course it really needs to be bulletproof, and also take e.g. downgrade protection into consideration.
An added physical switch, while more secure, is (as the previous commenter mentioned) so impractical, that it will more likely lead to less updating of vulnerable microcode.
The signature/encryption is still a problem, which might be why they are using older AMD K8 and K10 processors from 2007 which didn't have this security. Still, if the keys do leak out of AMD or Intel, this is a huge security hole.