I think it would be very convenient to have a “Mute Alerts” button on both the device list page and the host overview page.
On the device list page put it with the other “Actions” or in it’s own column.
On the overview page put it right next to the gear icon on the right.
Could even have a little pop-up asking for confirmation.
One or both of these would reduce the amount of clicking required to mute the alerts on a single host that’s being chatty or that’s the only host under maintenance.