How do i get ride of the menu highlighted in yellow?
Is there a way to do it through privilege sets or is it an either or thing?
You can hide the status area to hide it, but it will also hide everything above your (Yellow). You can do this via a script in the script steps there are settings for this to show, hide and lock.
You can also hide and lock the entire status tool bar and then provide your own controls to take the place of those no longer accessible when the status tool bar is hidden. This takes some work but the end result can be a "button bar" that you copy and paste from layout to layout and that takes up less space than the status tool bar did--giving you more layout room for other purposes.
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