I run textures on LOW on my VR system since I don't want to wreck the frame rates. I use the label flyouts for cockpit control elements (switches/buttons) and resize the font to 24-32. Since the option doesn't distinguish what the "textures" are, I have to conclude this setting is for all textures.
It would be beneficial to have an option for "Cockpit Textures", but that's wishful thinking. I will test on HIGH and see what happens. I agree with Eldur's recommendation, but again, wishful thinking.