Because nameplates do have a performance impact, how about in addition to simply having them always on or off, we get a third option that hides them but then shows them when the quick menu is opened. Just like the trust rank and their icons.
This way we can disable them but still quickly see names at the press of a button.
For people who do not know, turning nameplates off can reduce micro stuttering in worlds with large amounts of people. It would be convenient to still have them off but be able to quickly check names of people around you.