Place a large pot over medium heat and melt 4 tablespoons butter and oil together. Add onions, sprinkle with Worcestershire sauce and lower heat to low and cook down and caramelize for 20 minutes.
Add the thyme sprigs and bay leaf and sprinkle onions with sugar, sherry, some salt and black pepper and continue to cook down for an additional 10 to 12 minutes. Pull out bay leaf and thyme sprigs and set aside.
Place a pot over medium heat and melt remaining butter. Add flour and whisk together until well combined, 1 to 2 minutes.
Whisk milk followed by broth into the pot and continue to whisk together until mixture is smooth and has thickened enough to coat the back of a wooden spoon.
Remove mixture from heat and slowly stir in shredded cheese, in small handfuls, until all cheese has been added and sauce is smooth and creamy.
Stir caramelized onions into the cheese sauce until fully incorporated. Season with salt and pepper.
Preheat broiler to high.
Pour onion dip mixture into the hollowed bread loaf and top with sliced cheese.
Place prepared bread bowl onto a baking sheet and broil until cheese is bubbling and melted and the bread bowl is lightly toasted, about 2 minutes.
Remove from heat and serve immediately with prepared crostini.