I can't speak to what's in the menu with CC, since I don't have it, nor do I use the menu functions if I don't have to. I'm guessing they moved it somewhere, but you can always click the eye icon on the layers menu.
Hopefully they've finally added a keyboard shortcut to toggle hide layer on/off. Personally I just made an action - three actions actually. One for show layer, one for hide layer, and one to toggle. Then I made a keyboard shortcut (Wacom shortcut actually) to use the toggle action. I highly recommend it, it'll really speed up your workflow if you're constantly checking layers, and I am.
I'd love to see those actions if you don't mind. Could solve some of my woes!
I worked it out with a tech from Adobe. For anyone with a similar problem, under the Window>keyboard shortcuts and menus drop down you can accidentally disable the visibility of menu options (by accident in my case) So if something is missing check there!
I don't have my computer here, but this looks about the same as I did:
No idea why Adobe doesn't have a toggle for show/hide layer. It's probably one of the most used functions I do when compositing.