Ctrl-F7 doesn't do what Hedron wants.
Ctrl-F12 followed by Ctrl-F7 seems to behave identically to pressing Ctrl-F12 twice.
If the current application has one window, Ctrl-F7 doesn't do anything at all.
If the current application has multiple windows, it hides everything but those windows, allows you to select one, then returns to as before with that window selected.
As far as I can see, there's no "minimize all" option in Plasma, nor is there a "hide all except current" option - both of which would do what is desired.
However, it should be possible to write a script with
xdotool to do this (then bind it to an appropriate key).