Yes, I would personally use this option. I would probably hide Suggested topics while keeping Related topics enabled.
Suggested topics often feel less relevant to me because they can introduce unrelated discussions, while Related topics are usually more useful when I want to continue reading about the same subject or find similar discussions.
I don’t think I would make the same choice on every Discourse site. It would depend on how the community is structured and how useful the recommendations are. On a large forum with many categories and a lot of activity, I would be more likely to hide Suggested topics. On a smaller or more focused community where recommendations are usually accurate, I might keep both enabled.
Having separate preferences would be better because different users have different browsing habits, and it allows everyone to customize the experience without affecting the site’s default configuration.