So yeah, since disabling fog was added (and is merged currently in the Low graphics setting) i'd also love to see a general option of disabling particles alltogether, disabling them would always raise the minimal fps for everyone and reduce the rendering spikes.
It would be nice to have a separate checkbox for Fog and Particles instead of having them merged in the Low settings, you could even give it some nasty name; like Compatibility Mode 2/3.

Also, you, who says that we don't need such an option because your system performs well everywhere, I and the ones hit by bad performance don't care at the slightest about this fact. Works for you? Good. This option won't affect you as there is nothing in the gameplay that would give any (beside the performance boost) advantage to anyone disabling the particles, if anything it would make it harder for those who would pick the option (see: no status traps effects/mist from greavers, no pre-coming ground spots for spikes from jellies).