No you can't turn off the title bar, but it only shows up for 2 seconds and then won't show again until you specifically touch the edge to pull it down. So it shouldn't be in your way.
In fact I do consider it extremely annoying. Not because of its presence but by the fact that it comes down when I touch the border. The problem is that when I move up the mouse pointer to click something close to the top and go a little too fast, often the title bar hides the thing I actually wanted to click, such that I have to move the pointer back down, wait some time and have to go back up carefully again to not touch the border again. _This_ is what I consider annoying about it. I personally don't care whether I close an app by pulling it down or by clicking the X, and as such the title bar made the mouse experience for me much worse than it was before.
I like the other updates for mouse users but this one is only annoying. I would be ok if it would be present all the time and thus just reduce the app size a bit or if it was not present at all but I really don't like when parts of my app are hidden by not moving the mouse carefully enough.