There isn't a shortcut by default for this, but you can make one in the Keyboard Shortcuts configuration (Edit > Keyboard Shortcuts).
Under Layers > Show Layers
Question
How do I toggle visibility on selected (current) layer in photoshop? Can I do it without scripting? If no, where do I find such script?
No correct solution
OTHER TIPS
There isn't a shortcut by default for this, but you can make one in the Keyboard Shortcuts configuration (Edit > Keyboard Shortcuts).
Under Layers > Show Layers
In the layers view, click on the "eye" to toggle the layer on and off.
In code just use:
var currentLayer = activeDocument.activeLayer;
// toggle visibility of active layer
currentLayer.visible = !currentLayer.visible
In current version of Photoshop (2015) use Ctrl + ,
Record a new action—option/alt click on the eyeball in the layers panel—assign a function key to activate the action.