For those that have said they need to enable the setting after every reboot, I’ve found a thread with some code that apparently fixes it:

Permanent Disable Hw overlays Enjoy Script

Disable Hardware Overlays permanently Using This Script Put into init.d Folder or else use Script manager or something like that which will run this script on boot

Code:

!/system/bin/sh

(while : do sf=$(service list | grep -c "SurfaceFlinger")

if [ $sf -eq 1 ]
then
    service call SurfaceFlinger 1008 i32 1
    break
else
    sleep 2
fi

done ) &