Yes. At the Project/Matter level, there are two options you can select - "Hide Time From Invoices" and/or "Hide Expenses From Invoices". When these are checked this makes future time and/or expense entries marked as "Exclude From Invoice". This option will retain the entries, but you will not be able to generate an invoice for these entries, unless the entry/entries are modified.
To do this - go to the Project and then click the blue edit button and then check both boxes and then save.