P: Close/hide Multiple Layer Effects in Photoshop's Layers Panel

Thank God : ) About time.

Windows 7
Alt+Ctrl won't work on this arrow.

After a heap of experiments I found out that it does work on a different arrow. The one that expands/collapses the "folder with layers".
In this case, yes -- it not only collapses all the folders with layers but does also the effects "threads", which solves the issue but with very uncalled for "side effects".

Which OS?
On Mac command-alt-clicking the triangles seems to work as described for me.

Totally NOT working in PS CS5.
Tried all the key-modifier combinations, too, with no avail.

This is already available, but it is a bit quirky. If you hold down Ctrl+Alt and click on the collapse divot of a TOP LEVEL group (folder), then it will collapse ALL the groups and ALL the layer effects in the entire document. Doing the same thing to an expand divot for a top level group will have the opposite effect: all layer groups will be expanded, and all layer effects will be expanded.

In practice this works really well. I know it doesn't work as smoothly as what you're suggesting. It would be nice if this would work only on sub-groups, but it doesn't work that way. But in practice, it's good enough and I use it ALL the time.

Edit: Well, now I tested it and it looks like it does work on sub groups. Not sure why I thought it didn't.

I was about to open a thread for this request... but now I found yours and I absolutely support it 🙂

Sorry, Antonis, I thought that's what David requested.
It might be useful to untwirl them all at once, indeed, for "tall" images.

This Hides the visibility of the effects, it does not twirl-close the expanded views for them!

Hello, did you try this:
Right-click on the Effects, or the FX area, and select "Hide all effects"