Yes: Settings -> System -> Developer Options -> Status bar location indicator (it's at the bottom of the awfully long list) -> Off
You have to enable developer options by tapping 7 times on the Build number somewhere in settings. This setting is applied only after a reboot. Sometimes my phone forgets this, and I have to disable again, I don't know if this is intended, or it's just a bug.
I use Android 13, an unofficial Lineage 20 rom. It's possible that it's not a general option in every roms.
If there is no option for this, there is an xposed/magisk module which can do this: https://github.com/siavash79/AOSPMods There is an option in this module to disable the continuous blinking