You can change the default Radeon Overlay hotkey combination under Radeon Settings > Preferences so that you do not accidentally activate the overlay during regular system usage. It is not possible to disable Radeon Overlay.
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"It is not possible to disable Radeon Overlay."
That is incorrect. Actually, when setting the new hotkey combination (as described by "amdmatt") simply hit the "Del" key, and the display shows "None" as new hotkey. I found this solution at https://www.reddit.com/r/AMDHelp/comments/7m2hhr/disable_radeon_overlay/ and tested it successfully.