Toggle option below featured image to show/hide featured image on frontend

block-post-meta-register.php

<?php
/**
 * Register post meta for featured image display.
 */
function register_block_post_meta() {

	register_post_meta(
		'post',
		'featuredImageDisplay',
		[
			'show_in_rest' => true,
			'single'       => true,
			'default'      => true,
			'type'         => 'boolean',
			'description'  => __( 'Display toggle option to show/hide featured image.', 'text-domain' ),
		]
	);

}

add_action( 'init', 'register_block_post_meta' );

featured-image-visibility.js

/**
 * WordPress dependencies
 */
import { createElement, Fragment } from '@wordpress/element';
import { ToggleControl } from '@wordpress/components';
import { __ } from '@wordpress/i18n';
import { useSelect } from '@wordpress/data';
import { useEntityProp } from '@wordpress/core-data';

function FeaturedImageToggleControl() {
	const postType = useSelect(
		( select ) => select( 'core/editor' ).getCurrentPostType(),
		[],
	);

	const [ meta, setMeta ] = useEntityProp( 'postType', postType, 'meta' );

	const metaFieldValue = meta.featuredImageDisplay;

	const updateMetaValue = ( toggleValue ) => {
		setMeta( { ...meta, featuredImageDisplay: toggleValue } );
	};

	if ( postType !== 'post' ) {
		return '';
	}

	return (
		<ToggleControl
			label={ __( 'Display Featured Image?', 'text-domain' ) }
			help={ __( 'Toggle visibility of featured image on single post', 'text-domain' ) }
			checked={ !! metaFieldValue }
			onChange={ updateMetaValue }
		/>
	);
}

/**
 * Append new field to the featured image component.
 *
 * @param {*} OriginalComponent Original featured image component.
 *
 * @return {Object} Original component with extra meta field.
 */
function wrapPostFeaturedImageDisplay( OriginalComponent ) {
	return function( props ) {
		return createElement(
			Fragment,
			{},
			'',
			createElement( OriginalComponent, props ),
			<FeaturedImageToggleControl />,
		);
	};
}

wp.hooks.addFilter(
	'editor.PostFeaturedImage',
	'namespace/post-featured-image-display',
	wrapPostFeaturedImageDisplay,
);

single.php

<?php
// Other single post code...

$featured_image_display = get_post_meta( get_the_ID(), 'featuredImageDisplay', true );

if ( has_post_thumbnail() && $featured_image_display ) {
  the_post_thumbnail( 'full' );
}

// Other single post code...