Yes. You have total control of what to show on your profile.
To do it,
1. Click the "pen" icon on the top right corner on your my profile screen or your profile picture.
2. On the pop up window, select "INTERESTS" to add/update your interests or select "HASHTAGS" to add/update your hashtags.
3. On "Interests" editing screen, you can click "˅" button to see what you have and delete anything you don't want.
4. On "Hashtags" editing screen, you can select or deselect the hashtags from Twitter. You can search or just scroll down to find them.