Hi @Raguram Manokaran - thanks for the question...
I will start by giving you a generic answer, let me explain why: App Insights does differ between runtime and to a much lesser extent where you host. For example, App Insights for Java is a different implementation from App Insights for dotnet and therefore what is available to configure and how you configure it differs as well.
You tagged the question with "Functions" - there's a really important document that you should read that helps you understand how App Insights works with functions and how to manage an increase in costs https://learn.microsoft.com/en-us/azure/azure-functions/configure-monitoring?tabs=v2#solutions-with-high-volume-of-telemetry (I've linked the high volume section, but the whole document is well worth reading)
Generically the answer is to configure sampling. Sampling works to ensure you are emitting enough data to get value but at the same time omitting data (which can help with costs).
However, that isn't what you asked.
It is also possible to directly amend the configuration in most cases. As an example, the way to do this for customers using the asp net SDK is documented here https://learn.microsoft.com/en-us/azure/azure-monitor/app/asp-net-core?tabs=netcorenew%2Cnetcore6#configure-or-remove-default-telemetrymodules Along with sampling you can also disable modules through the service configuration. For the same sdk you can then alter the log level (for traces collected).
Hope this helps, if so please mark the answer as accepted as it helps others