find a mod that divides particle affects into their own options. Don't think there's ever been such a mod, however.
Edit: I suppose you could also do it the resourcepack way, replacing the texture for the bubbles with a custom version.
There is one - Optifine:
Here are all the particle types that Optifine can disable as of 1.13, which includes bubble columns, which are probably controlled by the "water particles" setting (this also controls the specks that appear underwater and possibly some other water particles, IDK since I only play in 1.6.4, where the screen above is almost the same, so anything new has just been added under one setting or the other. If only the general particles setting affects bubble columns then you'll have to use a resource pack; if you are disabling them because of lag this will not have any effect since the game will still be rendering them, just with an invisible texture):