Three ways, all of which slide the windows aside and bring them back when repeated:
- F11, or fnF11 if the function keys are set to brightness and volume.
- Spread thumb and three fingers apart on the trackpad.
- Click the wallpaper. Since macOS 14 this hides every window, which surprises people who clicked the desktop to deselect something. System Settings → Desktop & Dock → "Click wallpaper to reveal desktop" → Only in Stage Manager turns it off.
Hot corners are the other classic: System Settings → Desktop & Dock → Hot Corners assigns "Desktop" to a screen corner, and moving the pointer there shows it.
Minimizing everything, the Windows shake, has no built-in equivalent. Hiding an app (⌘H) or every other app (⌥⌘H) is the Mac's way of clearing the view.