VSCode 1.40 (Oct. 2019) seems to provide just that:
Git: Improved untracked files management
You can now manage untracked files separately by using the Git:
Untracked Changessetting.
- Choose the
separateoption, if you’d like to see untracked files in a separate group in theSource Controlview.- Choose
hiddenif you’d like to never see them.The default commit action will adjust itself to this setting and will only include untracked changes in a commit when using the
mixedsetting value.

With VSCode 1.67 (Apr. 2022), setting untrackedChanges to mixed will avoid performance issue.
See issue 140755:
For very large git repositories, the
-uoption (an alias for-uall) can sometimes makegit statustake a large amount of time and CPU.Would like to have an option (off by default) to ignore individual files in untracked directories, which is the default behavior of git status with no arguments (equivalent to
-unormal).