Sure. The Bitsy Plus and our latest products have power management that allow you to disable system components that are not in use. Take a look at the Bitsy Plus user manual for a diagram and details.
The biggest power savings is going to come from dimming or turning off the backlight, which you can do with the ADSmartIO controls. Also, for systems that do not have these advanced power management features, painting the display all one color can significantly reduce current draw by decreasing transistor switching on the display.