Over the last decade, the interest in the spin-1/2 Heisenberg antiferromagnet (HAF) on the squarekagome (also called shuriken) lattice has been growing as a model system of quantum magnetism with a quantum paramagnetic ground state, flat-band physics near the saturation field, and quantum scars. A further motivation to study this model comes from the recent discovery of a gapless spin liquid in the square-kagome magnet KCu6AlBiO4(SO4)5Cl [M. Fujihala et al., Nat. Commun. 11, 3429 (2020)]. Here, we present large-scale numerical investigations of the specific heat C(T ), the entropy S(T ) as well as the susceptibility χ(T ) by means of the finite-temperature Lanczos method for system sizes of N = 18, 24, 30, 36, 42, 48, and N = 54. We find that the specific heat exhibits a low-temperature shoulder below the major maximum which can be attributed to low-lying singlet excitations filling the singlet-triplet gap, which is significantly larger than the singlet-singlet gap. This observation is further supported by the behavior of the entropy S(T ), where a change in curvature is present just at about T /J = 0.2, the same temperature where the shoulder in C sets in. For the susceptibility the low-lying singlet excitations are irrelevant, and the singlet-triplet gap leads to an exponentially activated low-temperature behavior. The maximum in χ(T ) is found at a pretty low temperature Tmax/J = 0.146 (for N = 42) compared to Tmax/J = 0.935 for the unfrustrated square-lattice HAF signaling the crucial role of frustration also for the susceptibility. We find a striking similarity of our square-kagome data with the corresponding ones for the kagome HAF down to very low T . The magnetization process featuring plateaus and jumps and the field dependence of the specific heat that exhibits characteristic peculiarities attributed to the existence of a flat one-magnon band are as well discussed.