We study the half-filled single-band Hubbard model on the Shastry-Sutherland lattice with nearest-neighbor hopping , incorporating (i) a frustrating diagonal hopping to probe the emergence of spin-liquid behavior, and (ii) an additional Heisenberg exchange that explicitly stabilizes plaquette-singlet correlations. Using the variational cluster approximation (VCA) with exact diagonalization at zero temperature on an eight-site cluster, we map the phase diagrams in the and parameter planes. In the plane, our analysis uncovers a competition between Néel antiferromagnetic (AFM) order with staggered magnetization and a nonmagnetic regime lacking conventional order, consistent with a nonmagnetic insulating phase that may be related to the spin-liquid-like regimes reported in previous studies. In contrast, the phase diagram exhibits a competition between the Néel antiferromagnet and a solid valence-bonding valence bond plaquette (PS), where spins form localized singlet plaquettes. Most notably, we observe that the transition from the PS phase to the Néel AFM phase is a first-order phase transition, with a discontinuous jump of the order parameters at the phase boundary, in quantitative agreement with high-pressure heat-capacity measurements on [J. Guo et al., Commun. Phys. 8, 75 (2025)]. Thus, our VCA analysis underscores the subtle interplay of geometric frustration, quantum fluctuations, and dimensionality, and elucidates the crucial role of short-range correlations in stabilizing and competing ground states of frustrated quantum magnets.