Short answer: nope.
Besides there are a lot more options stored in that menubar like e.g. Add Media, Share and export.
I'm using Elements 14 for mac and across the top in the menu bar, in BOLD text, is Open on the left, then eLive, Quick, Guided, Expert in the middle and then Create and Share on the right. (just wanted to make sure we were looking at the same thing)
These options are already available (I'm assuming, I'm new to this version) in drop-downs anyway and these bold options are just shortcuts.
Just seems weird you can't edit or remove it since you can edit or remove all other menus, including Tools and Layers