Unable to hide just the cancel button. Hiding the quote status will stop users from cancelling quotes but it will also stop them from confirming them. A customer has requested functionality to allow quotes to be confirmed without them being able to cancel the quote afterwards.
Ideally, a cancellation request could be generated (Similar to the share record functionality) to notify A/all managers to a request for cancellation. The user could then notify the correct user to cancel the quote. Alternatively a list or recallable users whom have permissions.
You can already control the ability to cancel confirmed quotes.
Head over to this configuration list: https://crm.prospect365.com/view/ConfigureList/QuoteStatus
Then for quotes/orders in any of the given status' you can determine who can and cannot amend the quote/order. If you set this so that only admin's can edit a confirmed quote/order then most users will not have access to the cancel button.