AppInsight for SQL is listed as a SAM applied template on the node details of the specific server that you've applied it to.
If you navigate to the Application details page for that applied instance of AppInsight for SQL you will have the ability to "Edit Application Monitor"
Just as with other SAM templates, changes made at the Applied Application level will be specific to that instance and will not affect other instances... Unless you edit the template itself. If you edit the template the changes will affect all instances that have not had the template setting overridden.
By removing any value from the threshold field (creating a blank field) you will remove any threshold value and the color bar on the AppInsight details page. This will also prevent the component from going into warning or critical status (depending on how you change the values).