Premiere Pro only renders visible material. So feel free to leave it there with with the visibility turned off.
edit: To prove this to yourself, add an effect to the transparent video that causes the render line to go red. Like "camera view". Poke out the eyeball and the red goes away. Make sense?
I have known that the red means it needs to render but I wasn't sure if that was just for preview purposes or final render but yes that makes total sense.
Thanks for the intelligence boost.
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Red means many machines will need to render in order to be able to PREVIEW at speed.
In most cases rendered preview files are NOT used in the export process like in FCP. Unless you instruct PrP to use the preview files, it rebuilds each frame of the timeline to the final video file.
There are cases where you CAN use the preview files, but its wise to research what they are or you can haves issues with your final export that you might not like.