Can I configure a hyperledger fabric network (Endorsing peer, orderer peer, channel etc.) on my local machine using IBM blockchain platform vs code extension ? If no, what will be the fastest way to configure a hyperledger fabric network on my local machine?
Configure - I don't think so but yes you can access the IBM blockchain platform running network through your extension which will feel like you are running it on your machine as it will provide all the docker containers required to up the network.
The fastest way to up and running the Fabric network, in my opinion, is using IBM blockchain extension of vs code only but if you are willing to spend some time and wanted to host your own network you can follow the complete tutorial here.