Try this:
- Select File > Preferences from the Arduino IDE's menus.
- Check [] Enable Code Folding
- Click the OK button.
- Right click on the IDE's editor pane.
- Select "Folding" from the context menu.
- 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.