Show Item Tooltips Keybind?

What do/should the [Options][Keybinds][Show item Tooltips]/[Show items (filter common)] keybindings currently do? (They default to "X", and "Z".) I have the filtering set to Magic+ on the HUD and none of these keybinds seems to have any effect. (Although "Z" does grey out the action buttons in the toolbar when held down.)

I'm specifically looking for a way to temporarily hide all loot while I'm fighting but to return to my selected filter level when I'm done. Ideally a toggle, but a hold down would be fine too. (Frantically clicking on the HUD filtering level to cycle it isn't cutting it )

I've tried both Google and forum searches but have come up empty -- at least for the current version of the game (many of the hits clearly relate to changes to this functionality over time but no longer appear to be relevant). Sorry if I missed something obvious!

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Show Item Tooltips Keybind?