Yes. That code is from the default tpl_header.php file located in
includes/templates/template_default/common/

The code can be commented out or removed. Try commenting out the code first to make sure the results are what you are looking for. It looks a little different in the classic template override of tpl_header.php. There it is encapsulated in a table. You should be able to find the same area of code. Make sure you edit a copy placed in your own custom template override directory.

Always make backups of files BEFORE making modifications. :)