Similar to Illustrator, is there something like CMD + 3 that would let me hide selected layers?
Just want to say in Photoshop CC, there is a shortcut assigned to it cmd + ,
You can access it if you are already in 'Essentials' workspace.
By default there is no option but I know an unused combination is Shift+Ctrl+M.
You can set it by going to Keyboard Shortcuts
Then it'll also show up on your menu