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Heat oil in a large skillet over medium-high. Add onions, thyme, and 1 teaspoon salt; stir to coat in the oil. Cover, and cook, stirring occasionally, until onions have softened slightly, about 3 minutes.
Uncover and reduce heat to medium-low and cook, stirring occasionally, until deep golden brown, about 45 minutes to 1 hour, adding 1 tablespoon water as needed to loosen browned bits.
Add sherry; cook, stirring constantly and scraping any browned bits from bottom of skillet, until sherry is fully absorbed, about 1 minute. Remove from heat.
While onions cook, preheat oven to 400°F. Place beans, cream cheese, Parmesan, ¼ cup water, garlic, black pepper, Worcestershire, and remaining 1 teaspoon salt in a food processor; process until smooth, about 1 minute, scraping down sides as needed.
Transfer to a bowl and fold in caramelized onions and ½ cup of the Gruyѐre.
Transfer to a shallow (1-quart) baking dish and top with remaining 1 cup Gruyѐre, allowing some to get on the edges.
Bake in preheated oven until bubbly around the edges and cheese is melted and browned on top, 30 to 35 minutes.
Let sit 5 to 10 minutes before serving. Serve hot sprinkled with more thyme and with toasted baguette slices.