As mentioned in the title, Is it possible to change the action of that BIG Button that says Commit to Commit and Push? That way, I need not do one additional action i.e. push every time I make a commit.

The Git extension allows to set a Post Commit command. Which changes the wanted big button to 'Commit & Push' :)
Navigate there and set it to 'push':
Settings -> Extension -> Git -> Post Commit Command
Settings are located under: CTRL+SHIFT-P, Preferences: Open User Settings
Or change it in you settings.json:
"git.postCommitCommand": "push"

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