You can now toggle the visibility of all overlay icons ingame using the action key "playerlist".

All overlay icons are ON as default (as long as they are on in the game settings).

You can toggle between ALL ON (default) -> ONLY OVERWORLD -> ONLY CAVES -> ALL OFF.

I suggest binding the action key "playerlist" to a "long" press in SteamVR controller bindings as seen below in the image, so you don't have to sacrifice one of your precious direct key bindings.