Airtags do allow non-owner devices to disable some functionality such as turning off the alarm. I doubt they let you turn off the tracking since that would completely defeat the anti-theft aspect of Airtags.
But, AirTags use a proper speaker rather than a piezo one - so it is possible to remove the permanent magnet and make them silent. (See YouTube for details)
If you were worried about a high value item (eg a motorcycle) you could hide two - a sacrificial regular one, and a better hidden silenced tag that should remain undetected for at least a few days.
I'm not sure how they would even do that in the first place, since the AirTag doesn't track anything.