Yes. The Owner or an Administrator can revoke a user's license at any time from their profile in Manage users. The user will lose access to the relevant application, but the resources they created in it will remain visible in the account. The freed-up license can be assigned to someone else right away.
Be the account owner or an administrator.
In the top-right corner of the screen, click your avatar.
In the left-hand menu, click Manage users.
On the user's card, click Manage.
Open the Licenses tab.
Uncheck the row for the application you want to remove from the user.
Click Apply my selection.
The user no longer has access to the application. In Product license management, the counter on the application's card (for example, “20/26 licenses used”) decreases by one license.