Yes, as detailed in your handbook
Turning an electronic key to battery-saving mode
When battery-saving mode is set, battery depletion is minimized by stopping the electronic key from receiving radio waves.
Press twice while pressing and holding . Confirm that the electronic key indicator flashes 4 times.
While the battery-saving mode is set, the smart entry & start system cannot be used. To cancel the function, press any of the electronic key buttons.
Electronic keys that will not be used for long periods of time can be set to the battery-saving mode in advance.