diff --git a/netbox/project-static/dist/netbox.js b/netbox/project-static/dist/netbox.js
index 07d03e299..384a7d572 100644
Binary files a/netbox/project-static/dist/netbox.js and b/netbox/project-static/dist/netbox.js differ
diff --git a/netbox/project-static/dist/netbox.js.map b/netbox/project-static/dist/netbox.js.map
index d5ef1dc21..091426df5 100644
Binary files a/netbox/project-static/dist/netbox.js.map and b/netbox/project-static/dist/netbox.js.map differ
diff --git a/netbox/project-static/src/buttons.ts b/netbox/project-static/src/buttons.ts
index 0486c9db4..7527bbb9c 100644
--- a/netbox/project-static/src/buttons.ts
+++ b/netbox/project-static/src/buttons.ts
@@ -1,5 +1,6 @@
 import { createToast } from './bs';
 import { setColorMode } from './colorMode';
+import { objectDepthState } from './stores';
 import {
   slugify,
   isTruthy,
@@ -10,6 +11,10 @@ import {
   findFirstAdjacent,
 } from './util';
 
+import type { StateManager } from './state';
+
+type ObjectDepthState = { hidden: boolean };
+
 /**
  * When the toggle button is clicked, swap the connection status via the API and toggle CSS
  * classes to reflect the connection status.
@@ -60,6 +65,79 @@ function initConnectionToggle() {
   }
 }
 
+/**
+ * Change toggle button's text and attribute to reflect the current state.
+ *
+ * @param hidden `true` if the current state is hidden, `false` otherwise.
+ * @param button Toggle element.
+ */
+function toggleDepthButton(hidden: boolean, button: HTMLButtonElement): void {
+  button.setAttribute('data-depth-indicators', hidden ? 'hidden' : 'shown');
+  button.innerText = hidden ? 'Show Depth Indicators' : 'Hide Depth Indicators';
+}
+
+/**
+ * Show all depth indicators.
+ */
+function showDepthIndicators(): void {
+  for (const element of getElements<HTMLDivElement>('.record-depth')) {
+    element.style.display = '';
+  }
+}
+
+/**
+ * Hide all depth indicators.
+ */
+function hideDepthIndicators(): void {
+  for (const element of getElements<HTMLDivElement>('.record-depth')) {
+    element.style.display = 'none';
+  }
+}
+
+/**
+ * Update object depth local state and visualization when the button is clicked.
+ *
+ * @param state State instance.
+ * @param button Toggle element.
+ */
+function handleDepthToggle(state: StateManager<ObjectDepthState>, button: HTMLButtonElement): void {
+  const initiallyHidden = state.get('hidden');
+  state.set('hidden', !initiallyHidden);
+  const hidden = state.get('hidden');
+
+  if (hidden) {
+    hideDepthIndicators();
+  } else {
+    showDepthIndicators();
+  }
+  toggleDepthButton(hidden, button);
+}
+
+/**
+ * Initialize object depth toggle buttons.
+ */
+function initDepthToggle() {
+  const initiallyHidden = objectDepthState.get('hidden');
+
+  for (const button of getElements<HTMLButtonElement>('button.toggle-depth')) {
+    toggleDepthButton(initiallyHidden, button);
+
+    button.addEventListener(
+      'click',
+      event => {
+        handleDepthToggle(objectDepthState, event.currentTarget as HTMLButtonElement);
+      },
+      false,
+    );
+  }
+  // Synchronize local state with default DOM elements.
+  if (initiallyHidden) {
+    hideDepthIndicators();
+  } else if (!initiallyHidden) {
+    showDepthIndicators();
+  }
+}
+
 /**
  * If a slug field exists, add event listeners to handle automatically generating its value.
  */
@@ -239,6 +317,7 @@ function initPerPage() {
 
 export function initButtons() {
   for (const func of [
+    initDepthToggle,
     initConnectionToggle,
     initReslug,
     initSelectAll,
diff --git a/netbox/project-static/src/stores/index.ts b/netbox/project-static/src/stores/index.ts
index 5ee4adabb..42d4aa0b5 100644
--- a/netbox/project-static/src/stores/index.ts
+++ b/netbox/project-static/src/stores/index.ts
@@ -1 +1,2 @@
+export * from './objectDepth';
 export * from './rackImages';
diff --git a/netbox/project-static/src/stores/objectDepth.ts b/netbox/project-static/src/stores/objectDepth.ts
new file mode 100644
index 000000000..d3116ed6c
--- /dev/null
+++ b/netbox/project-static/src/stores/objectDepth.ts
@@ -0,0 +1,6 @@
+import { createState } from '../state';
+
+export const objectDepthState = createState<{ hidden: boolean }>(
+  { hidden: false },
+  { persist: true, key: 'netbox-object-depth' },
+);
diff --git a/netbox/templates/ipam/prefix_list.html b/netbox/templates/ipam/prefix_list.html
index f65d45c58..d621f455d 100644
--- a/netbox/templates/ipam/prefix_list.html
+++ b/netbox/templates/ipam/prefix_list.html
@@ -2,6 +2,9 @@
 {% load helpers %}
 
 {% block extra_controls %}
+    <button class="btn btn-sm btn-outline-secondary toggle-depth" type="button">
+        Hide Depth Indicators
+    </button>
     <div class="dropdown">
         <button class="btn btn-sm btn-outline-secondary dropdown-toggle" type="button" id="max_depth" data-bs-toggle="dropdown" aria-haspopup="true" aria-expanded="true">
             Max Depth{% if "depth__lte" in request.GET %}: {{ request.GET.depth__lte }}{% endif %}