Yes. Place your cursor in the Scene Heading and go to Production > Omit Scene. This will place an Omitted notation onto the page.
If you want to view the scene again or insert it back in the script in its original location, click on the small black triangle to the right of OMITTED for these options:
When Unomit is chosen, the scene is restored to the page. When View is chosen, the scene appears in its own window:
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