To set it for all objects:
-
Viewport Options(chevron in top left of viewport) → -
Advanced Settings→ -
Level Editor→ -
Viewports→ -
Look and Feel→ Billboard Scale
I found that setting Billboard Scale to 0.2 was a reasonable workaround.
Although ideally, a new option to set Billboards to a constant scale regardless of depth, would be nice. Exactly like Unity’s unchecking 3D Gizmos
Thanks to 's answer for pointing me in direction to find this global answer.