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Requires SKSE (http://skse.silverlock.org)
By default the hotkey is set to the "K" key and it affects both the General subtitles and the Dialogue subtitles. It even works during dialogue, but only when the next line comes up. It takes a split-second for the toggle to work, try not to spam the key, a confirmation notification pops up when it's finished.
If you have SkyUI installed, you have the option to re-assign the hotkey to a different key and also two toggles to choose independently whether the hotkey has an effect on the "General" and "Dialogue" subtitles
Made in response to a request by "xhardcore97x" in the Bethesda forums
By default the hotkey is set to the "K" key and it affects both the General subtitles and the Dialogue subtitles. It even works during dialogue, but only when the next line comes up. It takes a split-second for the toggle to work, try not to spam the key, a confirmation notification pops up when it's finished.
If you have SkyUI installed, you have the option to re-assign the hotkey to a different key and also two toggles to choose independently whether the hotkey has an effect on the "General" and "Dialogue" subtitles
Made in response to a request by "xhardcore97x" in the Bethesda forums