Yes! Any user with Admin permissions can flip the proverbial kill switch to stop all recording and flip it back on anytime you'd like. You can also selectively turn recording on and off by domain.
Navigate to Settings > Recording and change the Recording for [Account Name] toggle. Be sure to turn it back on when you're ready to start recording again.
Note: When you turn off recording, sessions that were already underway may continue to record for up to one minute, so you may notice a few more sessions populate even after you’ve turned off recording.