When editing a property there is a selection option to hide field type options, however this only applies to marketing forms. It would be really nice and beneficial if when that was selected it would apply to object records like companies, contacts, and deals so that when an option is no longer needed on a creation form, that it could be removed from visibility but still remain there for reportability of past options. Access would be for admins to limit users views to keep options from getting clogged with irrelevant selection options.
For the time being with what we are able to do the best option is to mark options you don’t want people to select moving forward with something like “do not use”, but it would be cleaner if the options could just be hidden from view and from selection altogether once that option “expires” or is no longer needed.