I figured out a solution using a state:
#let should-hide = state("cover-count", false)
#let hide-now-on() = context should-hide.update(true)
#let shade-now-on() = context should-hide.update(false)
#let cover-it(self:none, it) = context if should-hide.get() {hide(it)} else {utils.semi-transparent-cover(it, self:self, alpha:85%)}
#show: simple-theme.with(
aspect-ratio: "16-9",
config-methods(cover: cover-it)
)
Then I can just use the two defined functions to switch between the two types of covering.