On the same computer, on the default start page ("Top Sites and suggested content"), the hieroglyph cog referenced above is conveniently place at the top right, and even has a label, too. It's called "Hide Feed".
edit: I’m agreeing with you guys here. I’d spend more on an “ad-free” Windows license if I had a choice, but that doesn’t exist unless you’re a volume license customer (LTSC) I wish they’d find some way to let people avoid the ads, like having them in Home and disabling them in Pro, as most laptops (even my Dell XPS) ship with Home. (They did try “Windows 8.1 with Bing” once. I guess it didn’t work out?)
Another thing to consider is volume licenses weren’t able to take up the offer - the company had to pay for their Windows 10 upgrade. Enterprise licensing is the Microsoft money maker.
So to be fair to Microsoft, at least some, if not all of the blame must go to web developers.
I shouldn't have to turn off whatever spam they build into a paid for product. It should also be in the browser settings, not a confusingly placed and easy to miss hieroglyph. For me I don't even get those options, it's just a toggle to turn the news feed on or off, off leaves you with just a search bar, and bing is the only option builtin.