Where is the `Hide or Show debug area` icon in Xcode 12?
Here is the button "Hide/show the debug area"
EDIT:
You can also trigger the console visibility with these hotkeys:
Show:Shift + Command + C
Hide:Shift + Command + Y
P.S: Actually, XCode shows the hotkeys as being the ones written above, but in reality you can trigger hide & show both with just 1 hotkey: Shift + Command + Y