How Do I Toggle the HUD?
F12. Press F12 to show or hide the HUD. If it’s not F12, then you might have accidentally redefined some actions and need to check your controls. Press ESC, and look for Options, and then Controls.
Hiding the HUD gives no advantages or rewards. You basically lose all the basic information that was given in the first place, but it’s great if you’re recording for some cinematic shots for a montage or taking screenshots of something. Or it could be used for recording your character walking down a busy street while dangerously swinging your hips. Whatever floats your boat.