First, you can't put lyrics+chords into the Chords field. If you want to intermingle lyrics and chords in the same field, you will need to put them into the Lyrics field. The Chords field is for chords only.
Second, there's not a quick way to hide chords that are intermingled into the lyrics unless you delineate them with square brackets as in ChordPro formatting. In that case, you can easily toggle the chords display on and off, leaving just the lyrics when the chords are off. The next app version will have a function to convert your current chords-over-lyrics format to ChordPro format with square brackets, so that would be my recommendation.
There are other ways to have multiple versions of a song or multiple versions of the lyrics for a song, but those are oriented toward showing different versions to different band members. But if you just have a personal preference of showing it one way or the other for some gigs, I don't expect that would be worth the effort.