Hide the Color Labels

Hi, Is there an option for Hide & Show the color labels without losing/removing them.

I have this excerpted and modified from here:

if Glyphs.defaults["GSFontViewDrawLabelColor"] == True:
		Glyphs.defaults["GSFontViewDrawLabelColor"] = False
else:
		Glyphs.defaults["GSFontViewDrawLabelColor"] = True
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