There is no option to disable it completely, but in the 3D environments with the Select Tool running, you can suspend locating / highlighting of objects by holding down CTRL + SHIFT while the mouse is in the graphic window.
In ASM while reviewing items you can turn off component locate via the selection filters
When this is off we will not graphically locate ASM components.
Can use the model geometry option while in part.
NOTE: Beware this can fool if you forget to turn it back off.
Thanks to Greg Luckett and Matt Johnson for material contributing to this KB article.