(For 2022.1) In new Unity versions, collapsing a component doesn't hide its gizmos anymore, which makes it slower to temporarily hide a component's gizmos. This helps that out by adding options to the right click, the context menu, of a component

GizmosContextMenu.cs

// Creative Commons 0


#define SINGLE_BUTTON // Comment this if you want individual buttons


#if UNITY_EDITOR
using UnityEngine;
using UnityEditor;

internal static class GizmosContextMenu
{
#if SINGLE_BUTTON

    // One button to enable/disable

    [MenuItem("CONTEXT/Component/Toggle Gizmos")]
    private static void ToggleComponentGizmos(MenuCommand menuCommand)
    {
        var type = menuCommand.context.GetType();
        if (GizmoUtility.TryGetGizmoInfo(type, out GizmoInfo gi))
        {
            bool enable = !gi.gizmoEnabled;
            GizmoUtility.SetGizmoEnabled(type, enable, true);
#if true
            if (enable)
                Debug.Log("Enabled Gizmos for: " + type.Name);
            else
                Debug.Log("Disabled Gizmos for: " + type.Name);
#endif
        }
    }

#else
    
    // Individual buttons for enabling/disabling
    
    [MenuItem("CONTEXT/Component/Disable Gizmos", true)]
    private static bool ValidateDisableComponentGizmos(MenuCommand menuCommand)
    {
        return GizmoUtility.TryGetGizmoInfo(menuCommand.context.GetType(), out GizmoInfo gi) && gi.gizmoEnabled;
    }
    [MenuItem("CONTEXT/Component/Disable Gizmos")]
    private static void DisableComponentGizmos(MenuCommand menuCommand)
    {
        GizmoUtility.SetGizmoEnabled(menuCommand.context.GetType(), false, true);
    }
    
    [MenuItem("CONTEXT/Component/Enable Gizmos", true)]
    private static bool ValidateEnableComponentGizmos(MenuCommand menuCommand)
    {
        return GizmoUtility.TryGetGizmoInfo(menuCommand.context.GetType(), out GizmoInfo gi) && !gi.gizmoEnabled;
    }
    [MenuItem("CONTEXT/Component/Enable Gizmos")]
    private static void EnableComponentGizmos(MenuCommand menuCommand)
    {
        GizmoUtility.SetGizmoEnabled(menuCommand.context.GetType(), true, true);
    }
    
#endif
}
#endif