Is there any way to disable the hints?

You can style these parameter hints in the settings; go to Editor | Colors and Fonts | Language Defaults and then select Inline parameter hints. Or you can turn the hints off altogether, by navigating to Editor | General | Appearance and deselecting Show parameter name hints.
To disable hints completely, uncheck Settings → Editor → General → Appearance → Show parameter name hints.
Type hints Type hints are enabled by default. To hide them, use one of the following options: Go to Settings/Preferences | Editor | Inlay Hints | Types and clear the C/C++ checkbox to hide all the type hints or a particular checkbox to hide only some of them.
A bit of general info on parameter names hints can be found in this official introduction blog post: https://blog.jetbrains.com/phpstorm/2017/03/new-in-phpstorm-2017-1-parameter-hints/
Now back to the actual question:
NOTE: It's all working since 2017.1 version
Either right click on such parameter and choose appropriate action from the menu

or go via Settings/Preferences directly:
Settings/Preferences | Editor | Appearance --> Show parameter names hints

In latest 2019.3 version this option is now located at Settings/Preferences | Editor | Inlay Hints where you can configure that on per supported language basis:

If you wish to customize colors used to display such hints (especially viable for custom color schemes that use dark background colors) then please do it at
Settings/PreferencesEditor | Colors & Fonts | Language DefaultsInline parameter hints node.
Put your cursor on the hint, and click Alt + Enter on Windows, Option + Enter on a Mac, or right-click on any platform.

If you want to manually blacklist methods, open Preferences -> Appearance -> Show parameter hint names -> Configure and then add the one you want hidden to the list:
com.myapp.package.MyClass.myMethod(parameterName) This uses pattern matching, you can replace parameterName with a * to match all overloads or put it somewhere else to match a wider range of methods.
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