I currently don't how was this enabled, but every time I have a file open in the editor with a function that requires some parameters, it shows their name at the left. E.g., in this picture it's showing "value:". I want to disable this so it doesn't show that anymore.

You have two ways where you can disable this default option
Preferences: Open user settingsinlay Hints
"editor.inlayHints.enabled": false
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