Yes, from your Settings, you can remove the unwanted types by clicking into the appropriate page (i.e. Address Types) within the “Custom Types” section of the “Customizations” page.
To the right of the type you can click “Edit” or “Delete”.
Keep in mind, if records are associated to the type you are removing, a page will appear after clicking delete asking you to replace with an existing type.
Other standard dropdown fields which can be customized from your settings: