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Dear Tgraham,
Thanks for your updates and letting us know the current situation in your environment here.
Yes, your understanding is right. I'm afraid that there is no setting disabling the feature at the tenant level currently. As some workarounds, what I can consider may be to turn off the alerts and create some custom flows for you to receive alerts each time by the trigger.
As our product developers are willing to hear customers' feedback when using the products, I kindly suggest you submit your feedback on the Feedback platform (the detailed information is in the article) to let them know your requirements and suggestions for product improvements. If they have some updates on the feedback you have submitted, they will update there as soon as possible.
Thanks for your understanding and very sorry that there may be no such a setting in Microsoft Purview.
Sincerely,
Cliff | Microsoft Community Moderator