It’s better if you use a magic link as the default value because this is already built with the “Back” link which takes the user back to the Email & Password method and you can change the “Back” text to “Login with Email & Password Instead”
However, if you would like to login with email & password as the default, you can add an html field below the “Forgot Password” field and add a link to a new login page. You can set that login page to be the Magic Link.

