Yes, you can set the status of an inventory device to "Ignored" by editing the inventory device properties as long as the inventory device is not linked to an asset. If the inventory device is linked to an asset record then the inventory device status is set based on the asset status: an asset status of "Disposed" or "Retired" will set the linked inventory device status to "Ignored".
Inventory device records do not have any built-in property where you can record ad hoc comments (such as a reason why it is ignored). However you might consider adding a custom property where that kind of information can be noted.
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