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You don't even need third-party software to do that. In Settings/Displays, under advanced you can enable the full resolution list. In there, choose the resolution with just slightly less vertical resolution than the current selection, boom that is your 16:10 resolution without the notch area.

Reducing your total vertical usable screen space just because you don't like that a small area of your menubar isn't screen...is ridiculous.

I don't use it myself (I don't mind the notch personally), though it would give more space for menu bar items.

Sure, if you want a smaller display, just to avoid having the menu be in the bezel area.