We report a study on the switching of the generation regimes in a high-powered thulium-doped all-fiber ring oscillator that is passively mode-locked with nonlinear polarization evolution technique with different pumping rates and cavity dispersion values. In one experimental setup, switching was observed between the noise-like pulse and the multi-soliton (in the forms of soliton bunches and soliton rain) regimes by the adjustment of the intracavity polarization controllers. We attributed this to the crucial influence of the nonlinear polarization evolution strength determined by such key parameters as saturation (over-rotation) power, linear phase bias, and nonlinear losses on the pulse evolution and stability. So the soliton collapse effect (leading to noise-like pulse generation) or the peak power clamping effect (generating a bunch of loosely-bound solitons) may determine pulse dynamics. Both the spectrum bandwidth and coherence time were studied for noise-like pulses by varying the cavity length and pump power, as well as the duration of solitons composing bunches. As a result, both noise-like pulses (with spectrum as broad as 32 nm bandwidth) and multi-soliton formations (with individual pulse-widths ranging from 748 to 1273 fs with a cavity length increase from 12 to 53 m) with up to 730 mW average power were generated at a wavelength of around 1.9 μm. The results are important for the realization of the broadband and smooth supercontinuum which can be used as a source for mid-IR vibrational spectroscopy of gas samples for breath analysis and environmental sensing.