Exclude a library from 'Updates Available'?'

It is still available, but now in the advanced settings. In case you are interested in knowing the equivalent procedure for disabling update offers in Arduino IDE 2.x, here it is:

  1. Press the Ctrl+Shift+P keyboard shortcut (Command+Shift+P for macOS users) to open the "Command Palette".
    A menu will appear on the editor toolbar:
  2. Select the "Preferences: Open Settings (UI)" command from the menu.
    You can scroll down through the list of commands to find it or type the name in the field.
    A "Preferences" tab will open in the Arduino IDE main panel.
  3. Type arduino.checkForUpdates in the "Search Settings" field of the "Preferences" tab.
  4. Uncheck the box under the "Arduino: Check For Updates" setting.
  5. Close the Preferences tab by clicking its X icon.
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