Hold cmd and keep hitting tab if you need to cycle through multiple things, but if you've just done it the hidden app should be the first one.
Doesn't handle multiple windows gracefully (if the app has another window not minimized it won't do anything, just switch to that window as normal). But if you have an app with a single window and you've minimized it, this will pop it back up.
Alternatively, you can access the whole dock directly with a keyboard shortcut using ctrl-F3 (add Fn if needed depending on your keyboard setup).
bingo! thanks! :)
If you tap the command quickly it should happen immediately without even bringing up the app switcher, and if you hold cmd and tab through the app switcher it does the same thing when you let go:
Video recorded on Big Sur beta, but I'm sure this behavior isn't new.