Is a single or bi-positional indicator better for a binary state?

I have a set of entities (notes) whose content can be either visible or hidden, independently for each note.

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There are two possible states for that property and I was wondering whether it is generally better to use

  • a toggle switch that will move between the two states with a different icon for each state
  • a single icon which, when pressed, will change (the eye in the screenshot above)

Which one is more natural, from a UX perspective?

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