Thanks for posting your question and for the wait. At the moment Page Settings only work with pages, once we assign a page to be our posts page (blog) from settings reading it becomes an archive page. So, the workaround we can do is as follows:
1. Go to Settings > Reading and deselect the posts page. Make sure no posts/blog page is selected.
2. Assuming you have Page Builder by SiteOrigin installed and activated, go to your Blog page and click on the Page Builder tab.
3. Click Add Widget and insert a Post Loop widget, you can search for it to find it.
4. In the Post Loop widget, select the Blog template.
Everything will be the same as before with the exception that we’re now working on a normal page so Page Settings (Page Layout > No Sidebar) will take effect. Another advantage of this method is that you could now insert content into Page Builder above or below the Post Loop widget which isn’t possible with a normal blog page designation.
(One last way of doing this would be to use Jetpack Widget Visibility and set all sidebar widget visibility to not display on the blog/archive page, that would remove the sidebar. Just mentioning this for interest sake.)
If you have any further questions or follow-up on this question, please, let me know 🙂