Yes, you can pause a suscription so it stops running and you will not receive further notifications unless you reenable it. You can do so at any moment, as long as your team has subscriptions available.
In order to pause a subscription, click on the green bell icon next to the subscription.
Then, confirm that you want to stop the subscription. You will see that the green bell will become yellow once you give your confirmation.
Done! You will no longer receive notifications from this subscription.