Jargon alert: What you are referring to is turning off display of non-printing formatting marks (which includes paragraph marks and hidden text). The button for that is a pilcrow (paragraph mark).
Nonprinting Formatting Marks by Suzanne Barnhill, MVP Knowing the jargon can help you find things on the web.
You may have display of hidden text turned on in your options independent of that mark.
In the Windows version this is under File > Options > Display.
On the Mac, I believe it would be under Word > Preferences > View.