Option to hide comments

Try this:

  1. Select File > Preferences from the Arduino IDE's menus.
  2. Check [] Enable Code Folding
  3. Click the OK button.
  4. Right click on the IDE's editor pane.
  5. Select "Folding" from the context menu.
  6. Select "Collapse all comments" from the "Folding" menu.

This only works for the block comments, but it is close to what you asked for.

You can control it on a per-comment basis by clicking the little - icon on the left margin of the IDE's editor pane at the start of a block comment.