Can't easily hide panel if both the "status bar" and "show panel toggle" are disabled
If you have both of those settings off but the panel is visible the same "hide panel" button that appears on the status bar should appear on the panel itself so it can be hidden.
If you have the "toggle panel button" off and the "status bar" turned off the "hide panel" button isn't available to close the panel which automatically opens when you download something.
The only way to hide it now is to manually open up the settings, enable the toggle button or status bar, hide it, then re-disable them.
I toggle panel with f4 and status bar with ctrl-shift-s, edit your keyboard shortcuts
I never hide the Panel toolbar, but you could show the panel toggle to make it easy to show/hide the panel toolbar. If the panel toolbar is shown it's easy to hide the panels — just click the panel's icon again.
I have the panel toggle disabled because I don't want to take up extra screen space for the page content, same thing for the status bar (I use the overlay).
Thanks for the keyboard shortcuts, I'll use those for now. Although it would be nice if there was a button.