MAGNET Collage can colorize point cloud in distinct ways:
In the Workspace Window, select the desired project and then right-click to open the Menu. From this Menu, select Edit Color Range.
NOTE: Edit Color Range can also be accessed through the Ribbon Menu:
On the last line of the Set Color Range window, a Transparency slide bar is available. Use this bar and slide it until you achieve the desired transparency value.
Setting the transparency as 100% will make the point cloud invisible, although it will remain active in the project.