Pretty sure it was added in this old beta update from last year Dragger QoL Improvements [Beta]
it’s supposed to help builders with grids and snapping, as you can tell it snaps and tells you where the studs are.
As for disabling it, i guess just disable the beta feature, as i cant find a toggle for it
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Studio Settings → Selection → Show Hover Ruler is the setting.
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It can be useful but also REALLY annoying.
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