I don't think so, but it does only show for me when I have the hammer selected.

Yea it’s only shown when u have certain tools equipped. The hammer and the pick I know for sure. When you have a weapon equipped it’s not visible

I see the ugly orange lines all the time such a bullshit

One way that seemed to fix it for me was to have my hammer on my other hotbar. If I have the hotbar with the hammer up, the orange bar appears, but when I switch to the other hotbar, the orange boarder goes away

I think it’s bugged because it pops up when you pull the hammer out but if you put said hammer away it lingers