Thank you for reaching out!
To remove that section on your homepage, you will need to go into your theme customizer (Online Store > Themes > Customize). In your customizer, you will see the sections of your homepage on the left. To hide or remove that featured product section, you will need to hover over it until you see an eyeball icon; you will click onto it, and the section will be hidden on your storefront.
I'd love to learn more about your business! What type of products do you sell?