Yes, you can hide the new record creation option by using the "Hide New Record Link" attribute. Follow the steps below:

  1. Go to the records page where you have added the Lex Lookup component.
  2. Click on the Setup icon and select Edit Page.
  3. On the edit page, locate the Lex Lookup component.
  4. On the right-hand side, look for the Hide 'New Record' Link attribute and enable it.
  5. Click on Save.

With this setting enabled, the new record creation link in the Lex Lookup component will be hidden.