There are two ways to control point cloud visibility. Choose the one that best fits your needs.
Smart 3D: In Workspace Explorer, select Point Cloud project name and right-click to Hide (or Show).
This does not prevent you from running any CloudWorx commands as it only blocks the rendering of point clouds.
CloudWorx: In the CloudWorx menu, select Show/Hide Point Cloud. It is always good to show the point cloud data before you close ModelSpace View. For more information, see Show/Hide Point Cloud.