Simply select another tool in the tool box, such as the
Move tool, then it will go away, leaving only the text and layer boundary visible. The M key will switch to the Move tool, if you want a shortcut.
If you don't want to see the layer boundary, in the main menu along the top click
View, and deselect
show layer boundary
There is no way, as far as I know, to disable the text box options display while using the Text tool. You can enable the old "Use Editor" option in the tool options for the Text tool, but it still doesn't disable the text box display.