Yes, you can opt out of Creator Music here.
Be advised that YouTube is also updating how Content ID monetization works in general. They have launched a new initiative called RevShare that cuts eligible YouTube creators in on the ad revenue generated by a video.
Most notably, eligible YouTubers will now get a cut of the Ad Revenue generated by a video if:
- The usage of your music is for less than 30 seconds in a video that is longer than 3 minutes.
- Any usage of any length of your music when it is eligible to be placed in the Creator Music Library (if you opt into YouTube CID) but it is not made available for licensing (if you opt out of YouTube Creator Music).
For more information on Creator Music and Creator Rev Share directly from YouTube please click here.