解:$(2)$因为$2^{a}=2024,$
所以$(2^{a})^{\frac {1}{a}}=(2^2)^{\frac {1}{2}}=4^{\frac {1}{2}}=2024^{\frac {1}{a}}。$
$ $因为$506^{b}=2024,$
所以$(506^{b})^{\frac {1}{2b}}=506^{\frac {1}{2}}=2024^{\frac {1}{2b}}。$
$ $因为$4^{\frac {1}{2}}×506^{\frac {1}{2}}=(4×506)^{\frac {1}{2}}=2024^{\frac {1}{2}},$
$2024^{\frac {1}{a}}×2024^{\frac {1}{2b}}=2024^{\frac {1}{a}+\frac {1}{2b}},$
所以$\frac {1}{a}+\frac {1}{2b}=\frac {1}{2}$