You’re never going to hide those big items, so strategic furniture placement is your best bet. Move the one sofa out from the outside all and create a play zone behind it. All the toys go there. Bins are honestly the best option because everything can be thrown in.

I wonder...we used the closet. DH put a board across the bottom inside the bi-fold doors. Kids of any age could put all their things in the closet, and get them out when wanted. We did not add shelves as we still used it for their hanging thing, but that would give you a way to put somethings out of reach for play another day. If you got an old stand up wardrobe maybe you could do similarly? With the doors shut you could not see the jumble of toys. You might have to cover a window or move the TV. I also swapped toys in and out..putting some "away". Too many options all at once did not seem to inspire longer play.

Good idea, put the cubby behind the sofa. A matching bookcase could hold the toys too long to fit in the cubbies and you could add more shelves so no wasted vertical space above trucks and such.

All too soon your little guy will be grown out of these toys and life will change. Maybe the bulk of the toys needs to be stored in his room, if it bothers you that they occupy so much space in this room. Kids things need to be constantly edited to get rid of the junk and the stuff that is outgrown.

Maybe he has too much stuff. It starts early in life. Too much stuff is not always a good thing. Sometime there is more quality play when there is not so much quantity. And, sometimes, with kids toys, opening the box that it came in is really the best part. After the parts and pieces get scattered and scribbled on, and you can no longer find that Mickey Mouse head that goes on there and the play dough has dried up inside of that tube and the Paw Patrol guys have been thrown into that basket while their respective vehicles are on the back seat of the car, the toy is not that interesting.

Other than that, it looks like a room where a family spends time. It will change. You will change. He will grow up. You will grow old.

Relax and let it be. Maybe put some of those things in his room and put away the art supplies somewhere else. Otherwise, consider it kid/family decor. I do quite like the dinosaur on the window sill! Someday, both the dinosaur and the little boy who put him there will have moved on.

My grandson is seven years old now and the living room was a big toy box for him until I one day cleaned up and moved it all to his room. His parents did not realize that it was that time until I took the initiative and did it. That was some time ago and the mess of stuff has stayed in his room The reason is that he has grown out of most of those things and does not drag them out. Now, if I could just convince them that it is time to make his room a big boy room and get the excess junk out of there, too!