As noted by 9to5Mac, Apple has added a toggle switch to its subscription page that allows users to opt out of receiving subscription renewal emails. When the toggle switch is turned off, Apple will no longer send monthly emails confirming payment of $4.99 for Apple Arcade, $9.99 for Apple Music, and so forth.
The opt-out option applies to both Apple's services and subscriptions in third-party apps.
To opt out of subscription renewal emails, navigate to the Settings app, tap on your Apple ID account name, tap on Subscriptions, and toggle off Receive Renewal Receipts. This can be turned back on at any time.
Receipts are always available in Apple ID settings > Purchase History.