Apple - Can an app window be minimized by clicking its Dock Icon?
You can hide an active application by option-clicking (alt-clicking) its icon in the dock. You can also hide the active window and open another window by alt-clicking whatever application you want to open in the dock.
But I agree with you that it would be more symmetrical to be able to click to minimize all the open windows in an application. I am a long-time PC user and this is one area where PCs got it right. That and combining closing and quitting (and the related window management issue).
Simple answer is it'll bring the window to the front. Command H hides the window however, so that might be a bit more useful to you.
⌘+M or double-click the window title bar to minimize the window.