Normally I would have filed it under "water wet, sky blue, politicians not noted for having an affinity with the truth", however seeing all that has happened (and the 3ds before it, though it was probably worse) I have to at least raise an eyebrow. More curiously people seem to be upset about a lack of firmware updates and game updates which seems truly odd to me.
Anyway time to thrash out the outline of what such a thing would contain.
For as long as there have been networked computers (so before the internet even) there have been people that fiddle with things and thus get banned. The Switch is no different here.
Worse still is Nintendo expected hackers to be coming and prepared ahead so you are also doing that with early stage hacks, hacks in which nobody cared to look at how to avoid detection.
If you hack now, any hack at all of any kind, then expect a ban. There are no safe methods and nobody has shown how their method is safe or how they are reasonably sure they found and defeated all the detection checks. Only when someone can demonstrate such a thing is it even worth considering that you might not get banned.
There are things you can do that will aggravate conditions and make it blatantly obvious that you have hacked (for instance every cart comes with its own unique signature so Nintendo can see if you lack one), again though for now all hacks can be considered as inviting a ban in short order. The ban could happen in 30 minutes or 30 days, if you can live with a few days before a ban then play it how you will.
The only exception right now will be
1) If you fully isolate yourself from the internet. Obviously this means no internet games, online firmware updates or game updates. In the future you will then be able to remove any "this device was hacked" parts of the log files (if necessary) and do what needs doing. There is no prediction for a date when they can happen. Any network homebrew will also be trickier than you might like.
2) Far more complex. You launch a hack without launching the kernel (possible with some hack setups), take a backup of the flash memory. Do hacks, isolate yourself from online, do all your hackery things, once done with hackery things then restore flash memory back to stock and carry on, with online if necessary. Repeat procedure next time you want to be doing hacker things.
There may be a future option where you have an emulated flash memory (for most devices this concept usually gets dubbed emunand) and can appear as an invalid or another Switch, or isolate that online there, but that is a future concept and not one available at present.
There are multiple types of bans seen, though for here there are two broad types
1) Basic ban. You lose online gameplay but retain the option to download from the eshop.
2) CDN ban/super ban. You lose online gameplay and the option to download game updates and things in the eshop. In some cases it extends to linked accounts but seemingly not for basic hackers.
There is no guarantee that number 2) will not be the default in the future or that 1) will morph into 2). For now 2) seems to be reserved for those people which try to download games they have not otherwise purchased from Nintendo's own servers (there was a popular tool for this on the 3ds, and a similar option for the xbox 360 as well).
In any case there will likely be updates for any given firmware available when it becomes useful to have such a thing, and also the game updates will be downloaded and shared (possibly even freely and openly in public, again looking at the 360 have a look for "360 title updates").
Unbanning might be possible in the future, however it will likely cost something for you as each Switch has its own ID that Nintendo keeps in a list on their servers (which obviously you do not have access to). That means you need another valid ID from another Switch and few will give those away for nothing.
[I was tempted to cover some of the aspects of downloading from the CDN, unique keys/serials in the carts and aspects of
https://www.reddit.com/r/SwitchHacks/comments/8rxg26/psa_strong_antipiracy_measures_implemented_by/ but for a warning that seems overly specific].
I imagine there will be some overly cautious (previously a few have had issues with my exceptions) or not so risk averse that take exception to something I have written there but I will stand by it.