I am wondering if you searched the forum for discussions on this? I tried a very basic search for “hide text” and came up piles of existing discussions on this, stretching all the way back to 2006. Here are a few that go over different aspects:
- Hiding inline annotations in the Editor window. The first tip given is the closet you’ll get to a toggle. You mentioned knowing about comments, but not inline annotations, or that you can easily switch between them.
- This looks suspiciously familiar…
- Hiding annotations. This post goes into the technical limitations of why this cannot be done, as well as offering some ways of minimising the appearance of annotations.
- Further on hiding annotations. A very old post from the Scrivener beta days, explaining in greater detail the technical limitations of why this cannot be done.
- Hiding certain types of formatting.
- Hiding text and replacing it with a marker.
- And more…