Try to deactivate the HUD in the camera settings. That solved it for me. No dot in external view anymore.
EDIT: dot still there, but when moving the controls (e.g. aileron, elev.) it disappears as long as I do not move the mouse anymore. Not too nice.
What about the cockpit view? Do you still see it after moving the mouse ?
Most frustrating (apart from the darn dreadful ‘white dot’ is the cockpit camera will not stay where I need to look!!! What is going on with the cockpit view?
You need a deadzone to the relevant axis in the sensitivity menu.
I found out, when I press the middle Mouse Button (it’s for looking around with the Mouse), then the white dot is going away. So I can play with Gamepad without see the dot.
And so that the InGameMenu (ATC/VR-Map/Weather etc.) hides itself completely, I change the view once briefly: LB+DPAD-UP then LB+DPAD-Down.
After that, the rest of the menu hides.
Result: Temporarily everything again like before SU5.
Another way of removing the dot menus is to press the up arrow key or the down arrow key which will hide the tooltip menu at the top and the middle dot.
Yes and absolutly no go for content production. The same for the toolbar top of the screen!
Tried that, but nothing changed.
Also, when the white dot appears, all my controls stop working until I right click the mouse.
How exactly are you supposed to use this white dot anyway?
I think the white dot is meant to be used in controller mode as a cursor for the controls.
Please let us disable the ‘white dot’ permanently. Vote!
Okidoke…voted
Here is the answer i got from MS Zendesk “As there is not an option to “toggle the dot on/off” just yet, we have re-qualified this ticket into a Feedback and Feature request—please be aware that, while we review and log every suggestion in our database, we are not always able to provide an individual update”
So the dot are not a mistake. Vote here or got to Wishlist - Microsoft Flight Simulator Forums and vote
Has anyone figured a way to get rid of the annoying dot in the centre of the screen when using an Xbox controller on P.C.? It only pops up when you look around on an internal view.
There is no way. Se my post earlier. According to MS it is not a bug. Vote for a way to toggle the white dot on/off
After SU5 when I am in COCKPIT VIEW and engaging “head” moving by mini-joystick of my joystick (Saitek AV8R-02) appears a white DOT on the center of screen and it follows while I am moving “head” in cockpit. After stopping moving “head” it disappears after 2 seconds.
Before the SU5 this did not happen. My joystick detects in Windows device manager as “Xbox 360 Peripherals - Xbox 360 Controller for Windows”. How to get rid of this white DOT in COCKPIT VIEW? Thank you. If it needs to be in HARDWARE bugs section, tell me.
You can´t get rid of it. Vote for a toggle on/off. I don´t understand that they can´t fix this.
Forgot to write here.
I have assigned a button on my Xbox One controller for TOGGLE COCKPIT FREELOOK and i just press it to turn it off and use my controller as i was using before.
So search for TOGGLE COCKPIT FREELOOK (without the hold) and bind it to something.
And then you get rid of the white point or ???
No. You just toggle it off everytime it appears. It appears all the time, so it is good to assign it to an easy to reach button. 
On top of the white dot in the middle, the mouse cursor resets its position when you want to click on something, immediately after releasing the input from the controller. Why they did this is beyond me.
