Are you sure about that? I specifically remember toggling off everything and only having the beta watermark still on the screen on PS4. The ammo/skill display popped up during combat/in cover or when I hit square, but otherwise there was nothing else.
There was a toggle for minimap, character level, ammo/skills and even cover/climbing prompts. Again, the ammo stuff showed up when you were doing stuff, but disappeared afterwards.
On consoles you can turn off nearly everything. The Waypoints or Points of Interests will always be visible, as well as the killfeed and also the Group UI.