This will turn off all current notifications (eg. notifications for existing subscriptions), but not new ones.
IMHO the easisst way to turn of post notifications (or do you want pm notifications turned off as well?) would be to remove the two cron-scripts (digestdaily.php, digestweekly.php) and edit includes/functions_newpost.php: comment out
PHP Code:
exec_send_notification($threadinfo['threadid'], $bbuserinfo['userid'], $post['postid']);
But keep in mind that the GUI will still show the notification-options, so you might to remove them as well.