right now this cool feature to rapidly turn off all the overlays in the viewport by one click is no useful for other thing than visualization. But if one would want to model with a clean viewport he cant benefit by this great feature since its turning off the display of geometry (edges , faces, vertex ) and selection outlines.
You are only left with the other way around solution. Keeping the overlays on and then manually unchecking all the stuff you want to hide in the viewport except your geometry and selection outlines which is kinda defeating the purpose of this one click toggle.
EDIT : like the bellow user suggested having the possibility of creating presets for Viewport overlays would allow different combinations for what you want hide or keep in the viewport so that the benefit of having a single click toggle will extend also for the case when the user just wants a clean viewport when modeling
it’s an interesting point which triggers my current proposal (something in the middle).
I would add the possibility to create “Presets” in the Viewport Overlays drop menu. This way the user could create different overlays combinations, i.e. the one your suggesting. This solution would keep untouched the current Overlays Toggle button but it would extend the Viewport Overlays customization.
yeah that would be along term solution and most neutral one. I thought its important to underlined one of the most important case when its inconvenient to just toggle everything off which is modeling with a clean viewport, just like in sculpting mode.
if no presets at least a modifier key which hold when pressing that button to Turn off all the overlays except the geometry.
it was just a matter of time …
this addon allows you to save and load presets for Shading, Visibility, Snapping, and Transform Setting, basically for all that lyes on the viewport header
this seems very well integrated and should be part of Blender. Blender has a cool viewport now and it only needs some quick ways to customize it. The author is willing to make it part of the 2.81 instead of being an addon so maybe try reaching him.