You're not the first person to have that issue. Many people would like the option to turn down or off the ability effects in various situations.
While it won't happen soon, VR has stated in the past that the UI will have a major overhaul before release that will include much more player control of the various features locations and intensities.
Further to my suggestion: I've noticed this is only an issue in confined spaces (like Halnir's Caverns), where you cant zoom out far enough to have your camera not in the middle of all the numbers... so one fix might be to make the font a LOT smaller when the camera is very close to the monster. The explosions and stuff I can deal with.
