“A new option in the Gameplay Settings tab, enabling this will reduce the frequency with which you hear puzzle hints from your companions,” reads a PlayStation Blog post.
It does seem companions will reveal puzzle hints with this option enabled, just at a less frequent clip. There is no mention of turning hints off entirely.
The second setting debuting in God of War Ragnarok for PC is the option for cinematic audio descriptions. Enabled from the Audio Accessibility menu, this option plays audio descriptions of visual events during cinematics.
“These descriptions will provide additional contextual information alongside the spoken dialogue to create a more detailed experience for players with low vision,” the blog post says.