This looks like a better answer, but I’m having some problems.
1. I’m not sure why I’m opening object mode above. I don’t see that any editing of the preferences there.
2. In the sculpting section I’ve made those changes, except a problem occurs when I try to use the shortcut. It hides the wrong collection. Although I pick the collection with the image in the shortcut popup window it hides the collection with the default cube.
I set up my test blend file this way:
a. I use the default cube in the default collection.
b. I add a new collection and switch to it. I add the background image in that new collection.
c. I edit the preferences according to your instructions above.