Holding the right mouse button, allows you to look around with the camera, without moving your guns. Additionally, if you are tracking an enemy ship and have been shooting at it (say with a gunboat destroyer, high ROF) the guns will continue to track (although not adjusting for range/turns very well) and you may continue firing at a target while looking around (perhaps to maneuver around torps, avoid running aground, spot a sub, or turn on your AA sector on the other side). I regularly do this on BBs, to pre-aim guns
You can use your Damage Control Party (typically "R") to negate any pings on you, and protect yourself from incoming pings for several seconds. (until your DCP runs out). Often this leads the sub to wasting a volley of torps that just travel off in some odd direction.