Disabling Show Suggestions still makes the transmutation icon flash when a level up is available. This is a little annoying in the early game, when I don't need levels and am still letting the RNG of what I find dictate how I build my character.
There is already a feature that prompts me to spend level up points when I use portals. This feature is enough to make sure I don't forget to spend valuable level ups.
If suggested icons had a steady glow, instead of pulsing rapidly, they would be far less annoying, and I probably wouldn't want to disable them at all.