Yes. You can mute an email conversation in Google Inbox. You need to open the email and long press "Done" on your phone. Remember muted conversations will pop back if a reply is addressed to you and no one else, or if you're added to the "To" or "Cc" line in a new message. You may refer to "Mute all replies to an email" section of this help center page: https://support.google.com/inbox/answer/6067561?hl=en
To build on Neal's answer:
- On mobile, long-press on Done
- On web, enable shortcuts (shift + ?), click on the email, type 'm'
On mobile Android, long pressing on the tick also brings up the mute option.