That specific icon (two circular arrows with a center dot) is the NVIDIA ShadowPlay/Share status indicator. It usually appears when the Instant Replay feature or a recording session is active on your Windows 11 desktop.
The icon indicates that your NVIDIA graphics card is listening to your screen so it can save the last several minutes of gameplay or desktop activity if you hit a hotkey. Even if you aren't a gamer, a recent driver update or a specific keyboard shortcut may have toggled it on.
How to remove it:
You have two main options: keep the feature running but hide the icon, or turn the feature off entirely.
Option 1: Hide the icon (Keep the feature)
If you like being able to record your screen but don't want the eyesore:
Press Alt + Z to open the NVIDIA GeForce Experience overlay.
Click the Settings (gear) icon on the right.
Scroll down to HUD Layout.
Select Status Indicator and click Off.
Option 2: Turn it off entirely
If you don't intend to record your screen:
Press Alt + Z.
Click on Instant Replay and select Turn Off.
The icon should disappear immediately.