No there isn’t exactly a command that toggles folding on/off for the current heading.
Fold all headings and lists
Unfold all headings and lists
Toggle fold on the current line
Fold more
Fold less
I recommend pinning commands 1-2 and 4-5 to command palette. Or you could use cmd/ctrl + s to fold less and cmd/ctrl + shift + s to fold more. The problem is that these same shortcuts can be used more efficiently with other commands like editor mode / QuickSwitcher++.