Suppress Labels (Long-term)
Single or multiple labels may be suppressed (hidden) by setting the Unique property to Yes. Select one or more labels and then change the property to Yes.
Other options are then exposed. Setting the Suppress Label property to Yes will hide the label(s). This change will be saved with the model, and stay hidden even after closing and opening the file.
Labels that have been suppressed can be restored for viewing by using the Reset Label Text command from the Floor or Roof ribbons and Labeling group.
Suppress Labels Temporarily
Selected labels and entities may be suppressed using the right-click menu. Here is a short article and video explaining this newly enhanced tool.