diff --git a/packages/react-devtools-shared/src/__tests__/store-test.js b/packages/react-devtools-shared/src/__tests__/store-test.js
index 92e7fc6586111..93c7048b2bc5b 100644
--- a/packages/react-devtools-shared/src/__tests__/store-test.js
+++ b/packages/react-devtools-shared/src/__tests__/store-test.js
@@ -2148,8 +2148,8 @@ describe('Store', () => {
         act(() => render(<React.Fragment />));
       });
       expect(store).toMatchInlineSnapshot(`[root]`);
-      expect(store.errorCount).toBe(0);
-      expect(store.warningCount).toBe(0);
+      expect(store.componentWithErrorCount).toBe(0);
+      expect(store.componentWithWarningCount).toBe(0);
     });
 
     // Regression test for https://github.com/facebook/react/issues/23202
diff --git a/packages/react-devtools-shared/src/__tests__/storeComponentFilters-test.js b/packages/react-devtools-shared/src/__tests__/storeComponentFilters-test.js
index 432fb1771b6ff..26cd51383297f 100644
--- a/packages/react-devtools-shared/src/__tests__/storeComponentFilters-test.js
+++ b/packages/react-devtools-shared/src/__tests__/storeComponentFilters-test.js
@@ -420,8 +420,8 @@ describe('Store component filters', () => {
       });
 
       expect(store).toMatchInlineSnapshot(``);
-      expect(store.errorCount).toBe(0);
-      expect(store.warningCount).toBe(0);
+      expect(store.componentWithErrorCount).toBe(0);
+      expect(store.componentWithWarningCount).toBe(0);
 
       await actAsync(async () => (store.componentFilters = []));
       expect(store).toMatchInlineSnapshot(`
@@ -460,8 +460,8 @@ describe('Store component filters', () => {
           ]),
       );
       expect(store).toMatchInlineSnapshot(`[root]`);
-      expect(store.errorCount).toBe(0);
-      expect(store.warningCount).toBe(0);
+      expect(store.componentWithErrorCount).toBe(0);
+      expect(store.componentWithWarningCount).toBe(0);
 
       await actAsync(async () => (store.componentFilters = []));
       expect(store).toMatchInlineSnapshot(`
@@ -510,8 +510,8 @@ describe('Store component filters', () => {
       });
 
       expect(store).toMatchInlineSnapshot(``);
-      expect(store.errorCount).toBe(0);
-      expect(store.warningCount).toBe(0);
+      expect(store.componentWithErrorCount).toBe(0);
+      expect(store.componentWithWarningCount).toBe(0);
 
       await actAsync(async () => (store.componentFilters = []));
       expect(store).toMatchInlineSnapshot(`
@@ -550,8 +550,8 @@ describe('Store component filters', () => {
           ]),
       );
       expect(store).toMatchInlineSnapshot(`[root]`);
-      expect(store.errorCount).toBe(0);
-      expect(store.warningCount).toBe(0);
+      expect(store.componentWithErrorCount).toBe(0);
+      expect(store.componentWithWarningCount).toBe(0);
 
       await actAsync(async () => (store.componentFilters = []));
       expect(store).toMatchInlineSnapshot(`
diff --git a/packages/react-devtools-shared/src/devtools/store.js b/packages/react-devtools-shared/src/devtools/store.js
index b54907338b372..b1544126d8d6e 100644
--- a/packages/react-devtools-shared/src/devtools/store.js
+++ b/packages/react-devtools-shared/src/devtools/store.js
@@ -114,8 +114,8 @@ export default class Store extends EventEmitter<{
   _bridge: FrontendBridge;
 
   // Computed whenever _errorsAndWarnings Map changes.
-  _cachedErrorCount: number = 0;
-  _cachedWarningCount: number = 0;
+  _cachedComponentWithErrorCount: number = 0;
+  _cachedComponentWithWarningCount: number = 0;
   _cachedErrorAndWarningTuples: ErrorAndWarningTuples | null = null;
 
   // Should new nodes be collapsed by default when added to the tree?
@@ -196,6 +196,7 @@ export default class Store extends EventEmitter<{
 
   _shouldCheckBridgeProtocolCompatibility: boolean = false;
   _hookSettings: $ReadOnly<DevToolsHookSettings> | null = null;
+  _shouldShowWarningsAndErrors: boolean = false;
 
   constructor(bridge: FrontendBridge, config?: Config) {
     super();
@@ -383,8 +384,24 @@ export default class Store extends EventEmitter<{
     return this._bridgeProtocol;
   }
 
-  get errorCount(): number {
-    return this._cachedErrorCount;
+  get componentWithErrorCount(): number {
+    if (!this._shouldShowWarningsAndErrors) {
+      return 0;
+    }
+
+    return this._cachedComponentWithErrorCount;
+  }
+
+  get componentWithWarningCount(): number {
+    if (!this._shouldShowWarningsAndErrors) {
+      return 0;
+    }
+
+    return this._cachedComponentWithWarningCount;
+  }
+
+  get displayingErrorsAndWarningsEnabled(): boolean {
+    return this._shouldShowWarningsAndErrors;
   }
 
   get hasOwnerMetadata(): boolean {
@@ -480,10 +497,6 @@ export default class Store extends EventEmitter<{
     return this._unsupportedRendererVersionDetected;
   }
 
-  get warningCount(): number {
-    return this._cachedWarningCount;
-  }
-
   containsElement(id: number): boolean {
     return this._idToElement.has(id);
   }
@@ -581,7 +594,11 @@ export default class Store extends EventEmitter<{
   }
 
   // Returns a tuple of [id, index]
-  getElementsWithErrorsAndWarnings(): Array<{id: number, index: number}> {
+  getElementsWithErrorsAndWarnings(): ErrorAndWarningTuples {
+    if (!this._shouldShowWarningsAndErrors) {
+      return [];
+    }
+
     if (this._cachedErrorAndWarningTuples !== null) {
       return this._cachedErrorAndWarningTuples;
     }
@@ -615,6 +632,10 @@ export default class Store extends EventEmitter<{
     errorCount: number,
     warningCount: number,
   } {
+    if (!this._shouldShowWarningsAndErrors) {
+      return {errorCount: 0, warningCount: 0};
+    }
+
     return this._errorsAndWarnings.get(id) || {errorCount: 0, warningCount: 0};
   }
 
@@ -1325,16 +1346,21 @@ export default class Store extends EventEmitter<{
     this._cachedErrorAndWarningTuples = null;
 
     if (haveErrorsOrWarningsChanged) {
-      let errorCount = 0;
-      let warningCount = 0;
+      let componentWithErrorCount = 0;
+      let componentWithWarningCount = 0;
 
       this._errorsAndWarnings.forEach(entry => {
-        errorCount += entry.errorCount;
-        warningCount += entry.warningCount;
+        if (entry.errorCount > 0) {
+          componentWithErrorCount++;
+        }
+
+        if (entry.warningCount > 0) {
+          componentWithWarningCount++;
+        }
       });
 
-      this._cachedErrorCount = errorCount;
-      this._cachedWarningCount = warningCount;
+      this._cachedComponentWithErrorCount = componentWithErrorCount;
+      this._cachedComponentWithWarningCount = componentWithWarningCount;
     }
 
     if (haveRootsChanged) {
@@ -1528,9 +1554,21 @@ export default class Store extends EventEmitter<{
   onHookSettings: (settings: $ReadOnly<DevToolsHookSettings>) => void =
     settings => {
       this._hookSettings = settings;
+
+      this.setShouldShowWarningsAndErrors(settings.showInlineWarningsAndErrors);
       this.emit('hookSettings', settings);
     };
 
+  setShouldShowWarningsAndErrors(status: boolean): void {
+    const previousStatus = this._shouldShowWarningsAndErrors;
+    this._shouldShowWarningsAndErrors = status;
+
+    if (previousStatus !== status) {
+      // Propagate to subscribers, although tree state has not changed
+      this.emit('mutated', [[], new Map()]);
+    }
+  }
+
   // The Store should never throw an Error without also emitting an event.
   // Otherwise Store errors will be invisible to users,
   // but the downstream errors they cause will be reported as bugs.
diff --git a/packages/react-devtools-shared/src/devtools/views/Components/Element.js b/packages/react-devtools-shared/src/devtools/views/Components/Element.js
index f5c30d2d2b0d6..48bfbe90906ff 100644
--- a/packages/react-devtools-shared/src/devtools/views/Components/Element.js
+++ b/packages/react-devtools-shared/src/devtools/views/Components/Element.js
@@ -12,7 +12,6 @@ import {Fragment, useContext, useMemo, useState} from 'react';
 import Store from 'react-devtools-shared/src/devtools/store';
 import ButtonIcon from '../ButtonIcon';
 import {TreeDispatcherContext, TreeStateContext} from './TreeContext';
-import {SettingsContext} from '../Settings/SettingsContext';
 import {StoreContext} from '../context';
 import {useSubscription} from '../hooks';
 import {logEvent} from 'react-devtools-shared/src/Logger';
@@ -37,7 +36,6 @@ export default function Element({data, index, style}: Props): React.Node {
   const {ownerFlatTree, ownerID, selectedElementID} =
     useContext(TreeStateContext);
   const dispatch = useContext(TreeDispatcherContext);
-  const {showInlineWarningsAndErrors} = React.useContext(SettingsContext);
 
   const element =
     ownerFlatTree !== null
@@ -181,7 +179,7 @@ export default function Element({data, index, style}: Props): React.Node {
           className={styles.BadgesBlock}
         />
 
-        {showInlineWarningsAndErrors && errorCount > 0 && (
+        {errorCount > 0 && (
           <Icon
             type="error"
             className={
@@ -191,7 +189,7 @@ export default function Element({data, index, style}: Props): React.Node {
             }
           />
         )}
-        {showInlineWarningsAndErrors && warningCount > 0 && (
+        {warningCount > 0 && (
           <Icon
             type="warning"
             className={
diff --git a/packages/react-devtools-shared/src/devtools/views/Components/InspectedElementErrorsAndWarningsTree.js b/packages/react-devtools-shared/src/devtools/views/Components/InspectedElementErrorsAndWarningsTree.js
index 48b81103cfea2..c3ccdf6339468 100644
--- a/packages/react-devtools-shared/src/devtools/views/Components/InspectedElementErrorsAndWarningsTree.js
+++ b/packages/react-devtools-shared/src/devtools/views/Components/InspectedElementErrorsAndWarningsTree.js
@@ -9,7 +9,6 @@
 
 import * as React from 'react';
 import {
-  useContext,
   unstable_useCacheRefresh as useCacheRefresh,
   useTransition,
 } from 'react';
@@ -18,7 +17,6 @@ import ButtonIcon from '../ButtonIcon';
 import Store from '../../store';
 import sharedStyles from './InspectedElementSharedStyles.css';
 import styles from './InspectedElementErrorsAndWarningsTree.css';
-import {SettingsContext} from '../Settings/SettingsContext';
 import {
   clearErrorsForElement as clearErrorsForElementAPI,
   clearWarningsForElement as clearWarningsForElementAPI,
@@ -74,12 +72,14 @@ export default function InspectedElementErrorsAndWarningsTree({
     }
   };
 
-  const {showInlineWarningsAndErrors} = useContext(SettingsContext);
-  if (!showInlineWarningsAndErrors) {
+  if (!store.displayingErrorsAndWarningsEnabled) {
     return null;
   }
 
   const {errors, warnings} = inspectedElement;
+  if (errors.length === 0 && warnings.length === 0) {
+    return null;
+  }
 
   return (
     <React.Fragment>
diff --git a/packages/react-devtools-shared/src/devtools/views/Components/Tree.js b/packages/react-devtools-shared/src/devtools/views/Components/Tree.js
index 136baa1205de2..db1bf9a98c135 100644
--- a/packages/react-devtools-shared/src/devtools/views/Components/Tree.js
+++ b/packages/react-devtools-shared/src/devtools/views/Components/Tree.js
@@ -73,7 +73,7 @@ export default function Tree(props: Props): React.Node {
 
   const [treeFocused, setTreeFocused] = useState<boolean>(false);
 
-  const {lineHeight, showInlineWarningsAndErrors} = useContext(SettingsContext);
+  const {lineHeight} = useContext(SettingsContext);
 
   // Make sure a newly selected element is visible in the list.
   // This is helpful for things like the owners list and search.
@@ -325,8 +325,8 @@ export default function Tree(props: Props): React.Node {
   const errorsOrWarningsSubscription = useMemo(
     () => ({
       getCurrentValue: () => ({
-        errors: store.errorCount,
-        warnings: store.warningCount,
+        errors: store.componentWithErrorCount,
+        warnings: store.componentWithWarningCount,
       }),
       subscribe: (callback: Function) => {
         store.addListener('mutated', callback);
@@ -370,40 +370,38 @@ export default function Tree(props: Props): React.Node {
           <Suspense fallback={<Loading />}>
             {ownerID !== null ? <OwnersStack /> : <ComponentSearchInput />}
           </Suspense>
-          {showInlineWarningsAndErrors &&
-            ownerID === null &&
-            (errors > 0 || warnings > 0) && (
-              <React.Fragment>
-                <div className={styles.VRule} />
-                {errors > 0 && (
-                  <div className={styles.IconAndCount}>
-                    <Icon className={styles.ErrorIcon} type="error" />
-                    {errors}
-                  </div>
-                )}
-                {warnings > 0 && (
-                  <div className={styles.IconAndCount}>
-                    <Icon className={styles.WarningIcon} type="warning" />
-                    {warnings}
-                  </div>
-                )}
-                <Button
-                  onClick={handlePreviousErrorOrWarningClick}
-                  title="Scroll to previous error or warning">
-                  <ButtonIcon type="up" />
-                </Button>
-                <Button
-                  onClick={handleNextErrorOrWarningClick}
-                  title="Scroll to next error or warning">
-                  <ButtonIcon type="down" />
-                </Button>
-                <Button
-                  onClick={clearErrorsAndWarnings}
-                  title="Clear all errors and warnings">
-                  <ButtonIcon type="clear" />
-                </Button>
-              </React.Fragment>
-            )}
+          {ownerID === null && (errors > 0 || warnings > 0) && (
+            <React.Fragment>
+              <div className={styles.VRule} />
+              {errors > 0 && (
+                <div className={styles.IconAndCount}>
+                  <Icon className={styles.ErrorIcon} type="error" />
+                  {errors}
+                </div>
+              )}
+              {warnings > 0 && (
+                <div className={styles.IconAndCount}>
+                  <Icon className={styles.WarningIcon} type="warning" />
+                  {warnings}
+                </div>
+              )}
+              <Button
+                onClick={handlePreviousErrorOrWarningClick}
+                title="Scroll to previous error or warning">
+                <ButtonIcon type="up" />
+              </Button>
+              <Button
+                onClick={handleNextErrorOrWarningClick}
+                title="Scroll to next error or warning">
+                <ButtonIcon type="down" />
+              </Button>
+              <Button
+                onClick={clearErrorsAndWarnings}
+                title="Clear all errors and warnings">
+                <ButtonIcon type="clear" />
+              </Button>
+            </React.Fragment>
+          )}
           {!hideSettings && (
             <Fragment>
               <div className={styles.VRule} />
diff --git a/packages/react-devtools-shared/src/devtools/views/Settings/DebuggingSettings.js b/packages/react-devtools-shared/src/devtools/views/Settings/DebuggingSettings.js
index 8bde14e62e606..c48cdb58e3e4c 100644
--- a/packages/react-devtools-shared/src/devtools/views/Settings/DebuggingSettings.js
+++ b/packages/react-devtools-shared/src/devtools/views/Settings/DebuggingSettings.js
@@ -37,6 +37,10 @@ export default function DebuggingSettings({
   const [showInlineWarningsAndErrors, setShowInlineWarningsAndErrors] =
     useState(usedHookSettings.showInlineWarningsAndErrors);
 
+  useEffect(() => {
+    store.setShouldShowWarningsAndErrors(showInlineWarningsAndErrors);
+  }, [showInlineWarningsAndErrors]);
+
   useEffect(() => {
     store.updateHookSettings({
       appendComponentStack,
diff --git a/packages/react-devtools-shared/src/devtools/views/Settings/SettingsContext.js b/packages/react-devtools-shared/src/devtools/views/Settings/SettingsContext.js
index 17514d94648ac..196ea806f6aac 100644
--- a/packages/react-devtools-shared/src/devtools/views/Settings/SettingsContext.js
+++ b/packages/react-devtools-shared/src/devtools/views/Settings/SettingsContext.js
@@ -43,21 +43,9 @@ type Context = {
   // Specified as a separate prop so it can trigger a re-render of FixedSizeList.
   lineHeight: number,
 
-  appendComponentStack: boolean,
-  setAppendComponentStack: (value: boolean) => void,
-
-  breakOnConsoleErrors: boolean,
-  setBreakOnConsoleErrors: (value: boolean) => void,
-
   parseHookNames: boolean,
   setParseHookNames: (value: boolean) => void,
 
-  hideConsoleLogsInStrictMode: boolean,
-  setHideConsoleLogsInStrictMode: (value: boolean) => void,
-
-  showInlineWarningsAndErrors: boolean,
-  setShowInlineWarningsAndErrors: (value: boolean) => void,
-
   theme: Theme,
   setTheme(value: Theme): void,
 
@@ -176,7 +164,7 @@ function SettingsContextController({
     bridge.send('setTraceUpdatesEnabled', traceUpdatesEnabled);
   }, [bridge, traceUpdatesEnabled]);
 
-  const value = useMemo(
+  const value: Context = useMemo(
     () => ({
       displayDensity,
       lineHeight: