The LG G7 ThinQ will let you hide the notch. A spy shot shows a setting called New Second Screen, which allows you to toggle this on and off and even enable virtual rounded corners on the display below the notch.
There also seems to be an option to change the background color for the status bar, though were not quite sure how that will work black hides the notch, anything else doesnt. Most of the options seem variations of black/gray, but then theres the rainbow option at the right.
Its also worth keeping in mind that (according to the rumor mill) the LG G7 will have an RGBW LCD screen, so it wont have the perfect blacks of an AMOLED. That will certainly affect its ability to hide the notch.
Source (in Chinese) | Via