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there is, sort of, but it's got one or two extra steps (and most folks probably don't know it exists).

1. Press Cmd+Option+Escape to bring up the Force Quit menu

2. Press Cmd+A to select all running apps

3. Click the "Force Quit" Button to force quit all apps

And then it doesn’t work, so after half an hour of staring at a grey screen, you give up and hold down the power button.

Why wait at all in that case and not just hold down the power button right away?