(Edit: just found out that I am not the only one thinking about it this way XD)
Wait, lmao, is that how you actually finish this level?
1. I just caught the magnet mid-flying when the block was still up.
2. I threw magnet down in a way that the block would fall on it.
3. Jumped to turn the switch back, so that block would fall. It's not a bug, it's a feature I guess :)