Demo: https://codesandbox.io/s/recursing-cori-ckw8p

use-toggle-example.jsx

import { useCallback, useState } from 'react';


// Usage
function App() {
    // Call the hook which returns, current value and the toggler function
    const [isTextChanged, setIsTextChanged] = useToggle();
    
    return (
        <button onClick={setIsTextChanged}>{isTextChanged ? 'Toggled' : 'Click to Toggle'}</button>
    );
}

// Hook
// Parameter is the boolean, with default "false" value
const useToggle = (initialState = false) => {
    // Initialize the state
    const [state, setState] = useState(initialState);
    
    // Define and memorize toggler function in case we pass down the comopnent,
    // This function change the boolean value to it's opposite value
    const toggle = useCallback(() => setState(state => !state), []);
    
    return [state, toggle]
}

use-toggle-example.ts

import { useCallback, useState } from 'react';


// Usage
function App() {
    // Call the hook which returns, current value and the toggler function
    const [isTextChanged, setIsTextChanged] = useToggle();

    return (
        <button onClick={setIsTextChanged}>{isTextChanged ? 'Toggled' : 'Click to Toggle'}</button>
    );
}

// Hook
// Parameter is the boolean, with default "false" value
const useToggle = (initialState: boolean = false): [boolean, any] => {
    // Initialize the state
    const [state, setState] = useState<boolean>(initialState);

    // Define and memorize toggler function in case we pass down the comopnent,
    // This function change the boolean value to it's opposite value
    const toggle = useCallback((): void => setState(state => !state), []);

    return [state, toggle]
}

https://gist.github.com/nikasepiskveradze/9db51bc37e1c87974528b7bc47b5268c#file-use-toggle-example-ts-L16
It's not necessary to put type there. You already have predefined value.

https://gist.github.com/nikasepiskveradze/9db51bc37e1c87974528b7bc47b5268c#file-use-toggle-example-ts-L21
Another small typo, "change" should be "changes"

Typos in comment
https://gist.github.com/nikasepiskveradze/9db51bc37e1c87974528b7bc47b5268c#file-use-toggle-example-ts-L20

component

why not just use useReducer

const useToggle = (initialState = false)=> {
    return useReducer(state => !state, initialState);
}

Fix the typo from
// Define and memorize toggler function in case we pass down the comopnent,
to
// Define and memorize toggler function in case we pass down the component,

And on the line after that:
// This function change the boolean value to it's opposite value
to
// This function changes the boolean value to its opposite value

While setState(state => !state) is valid. It violated the rule "no-shadow" of Eslint : https://eslint.org/docs/rules/no-shadow

The variable name state should be changed.

The typo, comopnent component, seems to be fixed in the .jsx, but not the .ts

// Define and memorize toggler function in case we pass down the comopnent

setIsTextChanged is imo a bad name for toggler function. toggleIsTextChanged would be better.