Similar to how new weapon option hides a weapon that takes a lot of your screen space when you dont need it, UI often takes a lot of space and is distracting from immersion.
Im surprised there is no hotkey to toggle visibility of shader category marked as HUD already, so I suggest having such option, additionally shader option to toggle visibility in general.
There is already a way to quicky hide unwanted things in shader authoring, having a button for would be great.