No worries, you can just switch off the all-day heart rate monitoring.
When switched on in 'smart' mode it will also stop monitoring at some moments (mainly moments when you are at rest).
the question is can i turn off the 24/7 completely but only activate the HRM when the running mode is "running"?
for what you described, it does not turn off the 24/7 completely thou. it is not just going to activate the HRM when user is at rest.