Yes, there are essentially two blackout/redaction features available:
The Dynamic Blackout feature is available out-of-the-box and allows you to select specific applications or websites and the window of the app/website will be blackout in the live view or screen recordings.
With the Field-Level Blackout, you can blackout sensitive content on a website based on their label/field name, etc. on the live view or recordings. However, this is a custom development feature and will require professional services. Please contact [email protected] if you are interested in this feature.