I want to first say that the grinding gears interaction icon attached to interactive objects does make it easier to see what can be used, especially for those who have a harder time finding interactive objects in the game world.
However, having them on all the time is a bit of an immersion breaker, they show up *everywhere* and seem to end up in screenshots too when we wouldn't like them to. I've even seen them on captain's chairs on some bridges, and in some places that have several interactables they make things seem even more crowded. It can get to be a bit much.
So I was peeking around in the HUD options when I found a toggle for "Interaction Icons" which the description relates to icons over NPC's heads, BUT I feel this could also be used for the grinding gears interaction icon as well.