This safely remove hardware and eject media icon issue has been here forever, and while the icon doesn't always show in Standard mode, in Eco or Ultimate mode it consistently appears. Yes all drivers—ASUS and Nvidia, are updated to the latest.
Is it really an Advanced Optimus bug? In Ultimate mode iGPU is completely disabled, but the icon is still there, so IDK.
If you open Run command and enter RunDll32.exe shell32.dll,Control_RunDLL hotplug.dll you can see the full panel per below.
Go work with Nvidia and fix your ASUS Hotplug Controller.exe because it clearly isn't working.
