There are two ways to control point cloud visibility. Choose the one that best fits your needs.
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Smart 3D: In Workspace Explorer, select Point Cloud - Leica Geosystems Inc. and right-click to Hide (or Show).
This does not prevent you from running any CloudWorx commands as it only blocks the rendering of point clouds.
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Preferences: In the Preferences dialog, select Pick/Visible. It is always good to clear Hide All Point Clouds check box before you close ModelSpace View. For more information, see Preferences.