Finally was able to achieve it by using fields_view_get method:

def fields_view_get(self, view_id=None, view_type='tree', toolbar=False,
                    submenu=False):
    res = super(ResPartner, self).fields_view_get(
        view_id=view_id, view_type=view_type, toolbar=toolbar,
        submenu=submenu)

    if not self._context.get('validate', False):
        approve_button_id = self.env.ref('bv_vendor_approval.action_bulk_approve_vendors').id or False
        for button in res.get('toolbar', {}).get('action', []):
            if approve_button_id and button['id'] == approve_button_id:
                res['toolbar']['action'].remove(button)
            
        return res