Not completely, but you can de-prioritize it pretty well. Caution: your embedded tags need to be in very good shape if you do this. If anything’s out of whack, Plex may give some weird results. There’s a little more to do than just the ‘Prefer local metadata’ setting. This How-To shows you how to configure Plex, and also shows some common tagging practices that may cause problems:
[HowTo] Configure Plex to use embedded metadata (music)
Configured that way, Plex should only go to MusicBrainz for anything it can’t find locally.