Currently, disabling the "show controls" option is the only way to have a clean interface that doesn't take huge space in low resolution screens.

However, when this option is disabled the player is not very usable due to the lack of visual feedback when you are using keyboard to move forward/backwards in the video.

Other information:
My proposal is to make the "Time" bar unhide after a keyboard event, and hide again a few seconds later. In a simmilar way as it's done in fullscreen mode.

This way, hiding the controls and controlling the playback with the keyboard would be possible and usable.