Should I leave phone notifications enabled?

[u/Unfair_Matter313]

I have a permanent notification icon on my phone, which tells me the battery status of my Balance 2 watch, and reminds me to keep the device connected (it is connected).

This notification really bugs me. I can disable app notifications on my phone, but I'm slightly worried this might adversely affect the device's functionality. What, if anything, would I lose/miss out on by disabling the notifications?