I turn it off on all devices where I don't need it, which for me is most (for example, all of Inovelli's Red Series dimmers and switches do this, but I have absolutely no need for that information; in the event I'm curious, a "refresh" will pull it with the driver I'm using, or I can temporarily re-enable it). I keep it enabled on my washing machine smart plug, but in that case I did some experimentation to figure out what the minimum reporting I needed by percent and Watt was to keep my "is it done?" rue logic usable while not creating more traffic than I needed. This took some experimentation (and a few loads of laundry).
So, assuming you have cases where you do need it, the above might be your best option: determine what kind of reporting you really need. Some devices offer a combination of percent-based, absolute Watt-based, or time-based reporting, often just one or two of these. Presumably you'd have some idea of where to start with this configuration based on your needs. Some drivers also offer multiple kinds of monitoring: power (Watts), energy (kWh), current (amps), voltage, etc. I usually disable everything except the specific attribute I'm interested in. My brain (and rules) work best with watts, though if the device offers both power and current, either would work. I rarely care about kWh for my use, though if you're trying to track consumption, I suppose that would be useful. Voltage is almost never useful for me (nor am I sure why I'd want a smart plug to tell me).
Alternatively, some drivers will pull this information, regardless of configuration for reporting thresholds, if you run the "refresh" command on the device. This will definitely do more than that (for example, also get an on/off report for switches, a level report for dimmers, etc.), but with the drivers I use it also seems to do. So, if you only care about this information from time to time and your drivers work like this, that might be a good way to do it instead. But do it too much, and you might have more traffic this way.
I have seen some people recommend just avoiding Z-Wave entirely for this purpose. If there were good Wi-Fi options that worked natively with Hubitat, I might consider them, but for now, I just used as little as I can with Z-Wave. (Presumably Zigbee would be a little bit of concern here, too, but its bandwidth is greater than that of Z-Wave, so less so...even though all of these messages should be pretty small.) Some of that advice might also date to pre-Plus Z-Wave days when things maxed out at 40 Kbps instead of 100 Kpbs, but I've still seen it repeated today. For whole-home monitoring, I've also seen people recommend a separate hub if you're using something like a Z-Wave Aeon HEM, though that might be because it's S0 and makes the traffic problem worse (which is certainly also something else to avoid if you can! S2 should be less problematic).
