The "Show Additional Information on Nameplates" option seems to have changed behaviour: nameplates now always appear when the quick menu is open regardless of any other settings. Not sure if it's a bug or intended change.
It used to be that if nameplates were hidden and that option was disabled, nameplates would not appear even when opening the quick menu. This was great for immersion and allowed for a more natural social experience at times.
Now nameplates always appear when opening the quick menu. No combination of settings prevents that (for me, at least. Someone else claimed they got it working somehow? I tried for quite a while with no success)
The new behaviour is more consistent with the tooltip description but I miss not having a more immersive mode.
A new "Don't show nameplates when opening the quick menu" toggle would be ideal if there's no interest in restoring old behaviour.