You can put the Status notes into a tab on the form to hide that clutter most of the time.
If you goal then is to have a convenient field on the project form itself giving the most recent Project Status, then Dec 16th was your lucky day. It would be nice to have a summary text field type to float up the words from the most recent status note up to the project record.
To do that, on the Relationships between Projects and Status notes, make a summary field of the Maximum of the [Record ID#] field and called it [Record ID# of the most recent Status note].
Look that up in the relationship back down to the Status notes.
Then using the new December 16th 2018 feature make a summary Combined text field of the Status note, subject to the filter that the [Record ID#] is equal to the [Record ID# of the most recent Status note]. If the "bubble" appearance bothers you, you can make a formula text field with the formula
ToText([My Most recent Status update])
and use that on your form.