In Chrome DevTools there is a shortcut to show/hide an element:

Chrome adds __web-inspector-hide-shortcut__ class to the element, but it is nothing more than visibility: hidden:

Is there similar shortcut to change element's display: none/block style? So on click it adds style='display: none;' attribute and toggles it none/block?

There is no such shortcut. What you can do instead is use backspace to remove the element from the DOM and cmd+z to bring it back.
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