Any part does this, yes.
You can make different configurations to help with this.
That setting applies to all bills of materials for that configuration of that assembly, whether the bill of materials is in an assembly, on a drawing, or in EPDM. It is a configuration-specific setting of the assembly and pertains to the instance of the component and does not pertain to the model of that component. It doesn't matter whether the component is a part, a toobox part, or a subassembly.
In other words, a component can be excluded from BOM in one configuration of an assembly and not excluded in another configuration of the same assembly. Also, one instance of a component can be excluded in an assembly, and another instance of the same component can be not excluded.