Yes, with the caveat that if it wears thin and allows contact either by insertion friction or vibration you may end up with a non-spinning drive at a very awkward time. Also, if the coating is too thick, you may end up damaging the SATA power cable or port.
Kapton is the clear winner, as it's practically designed for this type of application. Other insulating solutions would work, but you need to be mindful of the downsides. Another alternative is to disconnect the pad from the trace, but that's risky if you aren't super careful with your abrasive method. Clipping the pin out of the SATA power cable is another risky method.
Any solution that keeps power off of that pin will technically work, your choice.