My idea is especially for the Part modelling environment, although it could be extended to assembly:
https://forums.autodesk.com/t5/inventor-forum/hot-key-for-suppress-function/td-p/8608306
By the way, it should be a toggle, i.e. Alt+S would either suppress or unsuppress selected feature(s). I realize this becomes complex with multiple selections...what if some features are suppressed and some aren't...well probably handle it like whichever first or last one selected, just make them all the opposite suppression state of what that one is.