To further add functionality to this feature, would it be possible to hide an app by clicking its icon in the dock similar to how one can click in the taskbar on a Windows machine to minimize or restore an application? TIA for any help.

Option clicking dock icons hides apps. If you option-click to a background app, then the current app is hidden as it switches to the other app. (actually, this is true for any option-click application switch; i.e. if you option click on another app's window it'll hide the current app)
Alternatively, if you option-click the current app's own icon in the dock, it will also hide the app and just fall through to the next app as if you had pressed command-H.
Thus, in general to hide an app from the dock, click-option-click: the first click brings it to the front if it isn't already, the second hides it. Or just click-hold/right-click the icon and select "hide" from the menu...