Yes, however the folowing code does not exist in that file: {% for variant in product.variants %}
From the instructions:
2: Change the for variant loop
Staying within the product.liquid template, look for the line of code {% for variant in product.variants %}. Below the {% for variant in product.variants %}, add this line of code:
<!-- Bold: QB - Step 2 -->{% if variant.metafields.shappify_qb.qb_hide == "1" %}{% continue %}{% endif %}<!-- // end Bold code -->
