It is true when $R,P$ are orthogonal to each other (there is an ambiguity in terminology, as "orthogonal" could mean that $PR=0$, or that $P=P^*=P^2$, $R=R^*=R^2$).
If $PR=0$ is not assumed, then the answer is no: take $P=R=I$, $a=b=1$, then $\|aR+bP\|=2$.
Assuming $PR=0$, then $\|aR+bP\|=\max\{|a|,|b|\}$. Indeed, for any $\xi$ in the range of $R$ with $\|\xi\|=1$, we have
$$
\|(aR+bP)\xi\|=\|aR\xi\|=\|a\xi\|=|a|;
$$
similarly, $\|(aR+bP)\eta\|=|b|$ if $\eta$ is in the range of $P$ and $\|\eta\|=1$. So $\|aR+bP\|\geq\max\{|a|,|b|\}$.
For an arbitrary vector $\nu$ with $\|\nu\|=1$, we can write $\nu=\alpha\nu_1+\beta\nu_2+\gamma\nu_3$, for three unit vectors with $\nu_1$ in the range of $R$, $\nu_2$ in the range of $P$, and $\nu_3$ orthogonal to both the ranges of $R$ and $P$, and $\alpha,\beta,\gamma\geq0$, $\alpha^2+\beta^2+\gamma^2=1$ (see edit below for an explanation). Then
$$
\|(aR+bP)\nu\|^2=\|a\alpha\nu_1+b\beta\nu_2\|^2=|a|^2\,\alpha^2 + |b|^2\,\beta^2\leq\max\{|a|^2,|b|^2\},
$$
so $\|(aR+bP)\nu\|=\sqrt{\alpha^2|a|^2+\beta^2|b|^2}\leq\max\{|a|,|b|\}$.
In conclusion, $\|aR+bP\|=\max\{|a|,|b|\}$.
Edit: below is a proof of the claim that, given three pairwise orthogonal subspaces $X$, $Y$, $Z$ of a Hilbert space $H$ that span the whole space, any unit vector $\nu\in H$ can be written as $$\nu=\alpha\nu_1+\beta\nu_2+\gamma\nu_3,\ \ \ \nu_1\in X,\ \nu_2\in Y, \ \nu_3\in Z,$$ with $\alpha,\beta,\gamma\geq0$ and $\alpha^2+\beta^2+\gamma^2=1$.
Let $\{x_j\}$, $\{y_j\}$, $\{z_j\}$ be orthonormal bases for $X$, $Y$, $Z$. Together, they form a basis for the whole $H$. So there exist coefficients such that
$$
\nu=\sum_j a_jx_j + \sum_jb_jy_j+\sum_jc_jz_j.
$$
As $\|\nu\|=1$, $\sum_j|a_j|^2+\sum_j|b_j|^2+\sum_j|c_j|^2=1$. Let
$$
\alpha=(\sum_j |a_j|^2)^{1/2},\ \beta=(\sum_j |b_j|^2)^{1/2},\ \gamma=(\sum_j |c_j|^2)^{1/2},\
$$
and
$$
\nu_1=\sum_j\frac{a_j}\alpha\,x_j,\ \nu_2=\sum_j\frac{b_j}\beta\,y_j,\
\nu_3=\sum_j\frac{c_j}\gamma\,z_j.
$$
Then $\nu_1,\nu_2\nu_3$ are unit vectors, $\alpha^2+\beta^2+\gamma^2=1$, and
$$
\nu=\alpha\nu_1+\beta\nu_2+\gamma\nu_3.
$$
Best Answer
Note that in the infinite dimensional case, we are discussing trace-class (and therefore compact) operators.
Every extreme point must be a rank-one projection. In particular, we note that if $\rho$ is not a rank-one projection, then it can be written as a convex combination of rank-one projections (via a spectral decomposition for instance) and therefore fails to be an extreme point.
We argue that every rank-one projection is an extreme point as follows. Note that for positive operators $\rho_1,\rho_2$, $\ker(\rho_1 + \rho_2) \subset \ker \rho_1$. It follows that if $\rho_1 + \rho_2$ is rank $1$, then both $\rho_1,\rho_2$ are rank $1$.
On the other hand, suppose that $\rho_1,\rho_2$ are distinct rank $1$ projections (onto $u_1$ and $u_2$ respectively). It follows that for any $a>b > 0$ with $a+b = 1$, we have $$ a \rho_1 + b \rho_2 = (a-b)\rho_1 + b[\rho_1 + \rho_2]. $$ However, $\rho_1 + \rho_2$ is a rank-2 projection, which means that $a \rho_1 + b \rho_2$ has rank $2$. So, no such convex combination can yield a rank-1 operator. So, the only convex combination that yields a rank-1 projection $\rho$ is of the form $a\rho + b \rho$, which is to say that every rank-1 projection $\rho$ is an extreme point.