You get used to it over time, but those bothered by the Pixel 5 hole punch can now hide it on Android 12.
Android 12 Developer Preview 1 adds (via Android Police) a new “Hide” option to the “Display cutout” menu available under “Drawing” — just a little over halfway down the screen — in “Developer options.”.
Enabling applies a black bar to the status bar that works to partially hide the Pixel 4a, 4a 5G, and 5’s hole punch.
This option mostly exists for developers, while Pixel 5 owners seeing visual issues in apps due to the hole punch are better served by contacting those developers directly to fix.
How to install Android 12 Developer Preview