Facebook seems to have finally found a cue about its users' annoyance upon seeing the prominent red notification dots that mostly do not require attention.
As spotted by Matt Navara, an upcoming update to the Facebook app would allow you to mute push notifications, mute red dots, and mark all notifications as read. Navara shared screenshots of the said features on Twitter.
Based on the screenshots, the option to reduce anxiety seeing overwhelming notification alerts will be available in Facebook's Notification Settings panel. You can also decide which shortcuts will show you the notification dots. For example, Profile, Groups, Menu, or Videos on Watch.