Yes. When you create a new commitment in the Project level Commitments tool, a checkmark appears by default in the Make this visible only to administrators and the following users box in the 'Private' area, shown below. This ensures the commitment is only visible to users who have been granted 'Admin' level permissions on tool and any users that you specify in the 'Select A Person' drop-down list.
Only users with 'Admin' level permissions on the Commitments tool can see line items on a commitment's Schedule of Values (SOV). To change this setting, place a mark in the Allow These Users To See SOV Items checkbox. Then select one (1) or more users from the Select a Person drop-down list.