Yes. To let subscribers choose which lists they want to unsubscribe from, go to Settings > SMS > scroll down and Allow MANAGE keyword.
Once enabled, any subscriber can text the keyword "MANAGE" to your phone number. This will trigger an automated message that includes a link, which will display all Lists they are subscribed to. They can uncheck which lists they want to unsubscribe from. They cannot remove themselves from Planning Center Lists.
Learn how opt-outs are handled