Just use a headset with a physical mute button. I've been using this pair[0] for years. It works great.
[0] https://www.logitech.com/en-us/product/wireless-headset-h800
[0] https://www.logitech.com/en-us/product/wireless-headset-h800
* muting yourself is not clearly visible to the conference app (Your face doesn't get a mic with a strikethrough on the screen). Apps that warn you that your audio device is receiving audio but you are muted on the application level no longer work correctly.
* some apps (Looking at you, Teams) will actually complain that you seem to have deactivated your audio device (of course you did - that's the whole point).
Better devices like Jabra headsets integrate directly with Teams and will actually synchronize mute status between the headset and Teams!
YMMV but 0 of my WFH colleagues own business-grade headsets though. Some have Airpods, and most use Gaming headsets (like I do) or Bose QuietComfort (which IIRC don't have dedicated mute buttons).
Until we find a unified API around all those devices, a prescribed unified usage pattern IMO doesn't make sense yet.