I often use to trace natural features keeping spacebar pressed: it saves me a lot of clicks. Sometimes a simplification should be applied because many unuseful nodes are added even in straight lines.
Does iD editor have a simplification funcion? Is it hidden in some shortcut? Cannot find in online documentation.
Only for round and square objects - shortcuts O and Q.
But in this case you can just draw faster, there will be less points. If you draw a straight line, you shouldn’t hold spacebar. Instead of holding you can press it where you want to add a point.
JOSM has a Simplify function, also a FastDraw plugin that sounds similar to what you described in iD.
In case you were thinking of switching, it might be an extra nudge in that direction. 