Preheat oven to 375°F. Place onions in a 13x9-inch baking pan. Drizzle with oil and melted butter and sprinkle with garlic, salt, and pepper; toss to coat. Roast 45 to 50 minutes or until very tender and light brown, stirring occasionally.
Carefully pour 1 cup of the broth into pan, stirring to scrape up any crusty brown bits. Transfer mixture to a large saucepan. Add remaining 3 cups broth, sherry (if desired), and Worcestershire sauce. Bring to boiling; reduce heat. Simmer, covered, 20 minutes.
Preheat broiler. Line a baking sheet with foil. Place bread slices on prepared baking sheet; sprinkle with cheese. Broil 4 inches from heat 3 to 4 minutes or until cheese is light brown. Serve soup topped with bread slices and, if desired, additional cheese and/or thyme.
