I don't find the Hide Filters button to be particularly helpful.
Whenever I have clicked it, I have instead been trying to edit the first filter of my view but the pop-up has disappeared for one reason or another and I've clicked the hide button by accident.
I would be fine with removing it altogether since I always keep my filters visible and it's easy enough to hide them or make them visible through the Layout Settings, but moving it to the right hand side of the same row where the rest of the Filter related action buttons are situated would be fine with me too.