Thanks for the answers but it's not really what I'm looking for...

I know I could adjust where the PiP:ed window is located or get a bag addon. And yes currently I'm either showing my desktop or Alt+tabbing to minimize the window.

I think I was hoping of an answer more in the lines of that you could bind a key to it and then minimize/restore that window. Maybe F9 to focus that window and shift+F9 to minimize/restore it.