FYI I’ve tried this at the column and schema levels and it didn’t work.
Using this you can hide the object from SSMS object explorer without restricting its use in any way.
I’m curious if there are any other hidden uses of extended properties. I haven’t been able to find any documentation so if you’ve seen any please let me know!
I don’t think I’ve ever had cause to hide objects from Management Studio, but if you’re looking for next year’s April Fools prank, maybe?