I have a docking station with two display ports, multiple USB 3.0, and an ethernet port. My laptop has only USB 2.0 ports. Can I connect the laptop and the docking station to a high speed switch using ethernet connections? (as a workaround to the 2.0 USB limitation on my laptop)?
Not really, no. At least, not with the kind of docking station you have – it's built to carry everything over USB and that's all it can do.
Besides – the 1 Gbps Ethernet port on your laptop, while twice that of USB 2.0, is still not much compared to the ~4–5 Gbps of USB 3.
There do exist "thin client" devices, e.g. Dell/Wyse "Zero Client", which use a proprietary USB-over-Ethernet protocol (and a custom driver) to connect multiple seats to a single computer. However, they have quite different internals from your docking station (and also require a special variant of Windows Server) and you cannoy simply convert one to the other.