macOS – Prevent Automatic Space Switching When Launching New App

You can create a new service using automator (from the applications folder). At the top of the automator window, enter: Service receives 'no input' in 'any application'. Then, in the workflow, add 'Run applescript'. Make the applescript contain the following:

on run {input, parameters}

    tell application "Terminal"
        do script ""
        activate
    end tell

    return input
end run

(You can add any command you like into the do script line between the " " (e.g. something useful to run when terminal first opens like uptime if you like, or just leave it blank).

Save the service as 'Open Terminal' or whatever name you like. It should now appear in your services menu.

Then if you want to add a keyboard shortcut, you just need to go to System Preferences -> Keyboard -> Keyboard Shortcuts tab, select services in the left hand menu, and find your new service (its probably near the bottom). Just click in the space to the right of your service name, and assign it whatever keyboard shortcut you like, and hey presto! it should all work

As far as I know, there's no way to do exactly what you want, but you can come pretty close. It's true that if you uncheck the "When switching..." checkbox, you don't go to the app when you click on the icon in the dock, but you do go to the app when you double click it (or just generally click it a second time when the application is active but nothing is visible).

I've been using it this way for years - I'd almost forgotten there was any other behavior.