Assuming the player takes fives times odds then turning the odds off on come out rolls increases the ratio of losses to total bets resolved from 0.326% to 0.377%, or an increase of 0.051%.

I wrote a computer simulation to determine this effect. However if you define the house edge as expected loss to bets resolved then turning the odds off on a come out roll does indeed increase the house edge. This is because the player is still betting the odds and it still counts as a bet even if it is returned as a push. If we define it as expected loss to total bets made then turning the odds off would not matter. The answer depends on how we define the house edge. Likewise if the player’s point on the come bet is rolled on the come out roll the come bet will win but the odds will push. So if the player rolls a seven on a come out roll any come bets will lose and odds on come bets will be returned. For those who don’t understand the question, unless otherwise requested, odds on come out bets are not active on come out rolls.

How often do casinos change dice