Hide specific category tag on single post page

For specifically post categories, you can use get_the_categories filter hook to remove certain found category (term).

function filter_get_the_category( $categories, $post_id ) {
  // loop post categories
  foreach ($categories as $index => $category) {
    // check for certain category, you could also check for $term->slug or $term->term_id
    if ( 'Featured' === $category->name ) {
      // remove it from the array
      unset( $categories[$index] );
    }
  }
  return $categories;
}
add_filter( 'get_the_categories', 'filter_get_the_category', 10, 2 );

To filter any taxonomy terms, you can use get_the_terms hook.

function filter_get_the_terms( $terms, $post_id, $taxonomy ) {
  // target certain taxonomy
  if ( 'category' === $taxonomy && ! is_wp_error( $terms ) ) {
    // loop found terms
    foreach ($terms as $index => $term) {
      // check for certain term, you could also check for $term->slug or $term->term_id
      if ( 'Featured' === $term->name ) {
        // remove it from the array
        unset( $terms[$index] );
      }
    }
  }
  return $terms;
}
add_filter( 'get_the_terms', 'filter_get_the_terms', 10, 3 );