Yes, that is an option.
Select "Edit" beside Favorite Tags, then Set Tag Preferences (or simply go to https://gaming.stackexchange.com/users/preferences/current). Go down to Ignored Tags and select the "Hide questions in your ignored tags" radio button.
With the design changes to the Favourite/Ignored tags section, this is now a lot easier. For one thing, the Ignored Tags box is now always visible (previously, it was only visible if you clicked 'edit' on the Favourite Tags widget).
From the ignored tag box on the right of the page:
Either click inside the tag area, or click 'edit':
Then, click the 'x' on ...