I have not seen anything that would lead me to think that there is a way to do this. It seems that the best way to do this is to put a feature request in to MCV to add a flag that app developers could use, since it seems that this is a valid request for Z-Wave devices in addition to Insteon devices.
You might also check with the app that you are using. IIRC, AutHomation has an option to hide devices if you tap and hold.
If that doesn’t work, it would be easy enough to add a flag to Altsteon devices indicate that a device should be hidden. The hard part would be getting the 3rd party app developers to support it as they are primarily concerned with Z-wave devices.
This use to be a feature back in the UI2 days. Not sure if it carried over to UI4. MCV would have to add this back and than would need to be integrated into the 3rd party apps.