Toggling layer visibility seems to be increasingly difficult for my latest release of the standard Illustrator build. I just tried a complete uninstall/reinstall, and the problem persists. Once I toggle layers on/off without any other active layer visible I get the Mac beach ball/spinning wheel. If I add a blank placeholder layer I have no issues toggling as shown below. This is the current release of Illustrator. I can share one of these files to see if it is setting related or cannot be reproduced, but I had this same issue on a much higher spec’d out PC than my current 2015 5K iMac shown in the video. The video excludes the beachball as Quicktime does not record the icon/spinning wheel. You will notice the layer visibility does not respond unless another layer is first enabled.

iMac (Retina 5K, 27-inch, Late 2015)
4 GHz Intel Core i7
Memory 16 GB
AMD Radeon R9 M395 2GB

Resolution: 5120 x 2880
Mac OS 12.4

Illustrator 26.3.1