Yes, it is. But you can’t leave the field name blank so if you don’t want it to be displayed, you need to hide it.
In fact, I have had it hidden for over a year on my site and recently it started showing up. (This was possibly related to the redsign of the sign-up modal). I don’t remember though, whether I manually hid the Field Name back then (which would mean that I did actually manage to target it) or whether it simply didn’t show up.