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EDIT: I was able to fix this issue by going to Menu -> User Config -> Color System Display -> Off or Auto on my Sony PVM
I've noticed that when using a component input, my PVM constantly displays "COMPONENT" in the bottom left corner. Anyone know if this can be turned off/disabled?

I don't know how to disable it, but it should go after a couple seconds. Try asking in r/crtgaming, a subreddit where most users have PVMs and such.

FIXED
Someone on Reddit was able to point me in the right direction.

Menu -> User Config -> Color System Display -> Off or Auto

Thanks for the update; I would not have guessed or found that.