No, you can’t. My wife and I share our locations with Find My Friends, so it’s not like we don’t know where each other are anyway. And yet if I grab her keys off the counter to run to store, my phone gripes about it. I really wish my phone would:

• Let me to add a specific device to an “allow list”, like “don’t warn me about this device again because I don’t care if my wife’s car key knows where I am”.
• Warn me about trackers not registered to someone I’m already sharing my location with. I don’t care if my wife tracks me. She already is anyway, and vice versa, and it’s consensual.

Air Tag hardware is genuinely great, but it’s so limited by the risk that someone might misuse it that Apple made it hard to use correctly.

And no many times I hear the tired party line that “it’s only meant for misplaced personal items”, they’re perfect for other things like tracking stolen bicycles — or pets. I roll my eyes when people are shocked, shocked!, that anyone’s surprised when someone hangs one on their dog’s collar. “It’s not meant to track your pet, even though it’s almost like someone custom designed it to be absolutely perfect for that use!”