It can not.
As much you can disabled and disappear from the application drawer, but neither can use.
The truth is that the hide option would be much appreciated, but more alternative launchers like Go Launcher.
Luckily you can make folders in the drawer. If they could hide applications and gestures would dock icons (slide up) would be perfect.
Still I come from Go Launcher, Apex, blablabla and now I am left with Sony, which is luxury in its latest version.