Masking image lets you design in that specific area that has been masked. Yes, you can enable or disable masking images from the edit page.
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Navigate to Product Designer -> Manage Masking Images.
You will land on the Manage Masking Images page where a list of Masking Images is displayed. Click on the Edit option in the Action column. You will be directed to the Edit Masking page.
In the Edit page, you will find a Select Status section where you can Enable or Disable the masking image.