A lot of LaTeX commands can be typed using snippets starting in \, then type part of the command to narrow the search.
Surround some selected text with a LaTeX command using ctrl+l, ctrl+w (⌘+l, ⌘+w on Mac). A new menu pops up to select the command. This works with multi selections. The former approach using \ has been deprecated.
We also provide a few other suggestion mechanisms
Greek letters are obtained as @ + letter. Some letters have variants, which are available as @v + letter. See here.
Common environments can be obtained by BXY where XY are the first two letters of the environment name, eg. BEQ gives the equation environment. If you want the star version of the environment, use BSXX, eg. BSEQ gives the equation* environment. See here.
Common font commands can be obtained by FXY where XY are the last two letters of the font command name, eg. FIT gives \textit{}. See here.
Many other maths symbols can be obtained with the @ prefix. See here.
In addition to snippets, there are shortcuts provided by the extension that allow you to easily format text (and one or two other things).
When the current line starts with \item or \item[], hitting Enter automatically adds a newline starting in the same way. For a better handling of the last item, hitting Enter on a line only containing \item or \item[] actually deletes the content of the line. The alt+Enter is bind to the standard newline command. This automatic insertion of \item can be deactivated by setting latex-workshop.bind.enter.key to false.
Preview on hover. Hovering over the start tag of a math environment causes a mathjax preview to pop up.