Recent work in Webex for shortcuts has been great. I particularly like the new-ish feature of customizable global shortcuts.
Something missing from Webex and other conferencing tools is the ability to have different shortcuts for muting and unmuting the microphone, stopping and starting video, and whatever else you might want to turn on or off. I agree that the single hotkey toggle behavior is the best for the primary use case. I am suggesting additional hotkeys for mute and unmute, etc.
Everybody has been on calls where a person thinks they are on mute but really are not. When they want to speak, they do mute themselves instead of unmuting. Maybe you have even been that person. It can be slightly embarrassing, making it look like you don't know how to handle yourself on a computer. With global shortcuts, this can happen even more frequently since the "mute" or "unmute" button on the GUI might not be visible. But even without global shortcuts, it can happen because of cluttered screens or because the person is concentrating on something else.
Separate mute/unmute shortcuts also makes it simpler to work with customizable "stream decks" (mini keypads with dedicated keys for functions). A specific key can be designated for muting, and a different key for unmuting. Likewise for video and other toggle features.