Yes. You can customise which product types show in the 'Product Type' field of the Plan Summary step of the review and recommendation sections via Customisation > Advice options & reasons.

Select the Section containing the product type you want to hide, then select the Plan Summary step and the product types for that step will be displayed something like this:

To hide a product type simply uncheck the corresponding Show tick box. When you hide a product type, this removes it from the step in the wizard section of the Report Builder. This helps tailor the list of selectable options in the step to reflect your preferences and also makes the list of options more manageable for you and your users when creating your reports.

If you are an administrator of a multi-user company or group account this will also remove the product type from both the libraries and section wizards of your account users or any accounts linked to your group.