^^^ yeah. You can loosen it slightly to allow the banjo to rotate, but if you loosen it more or remove the screw, brake fluid will dump out and you'll need to bleed the brake. Don't get brake fluid on the rotor or pads!!!
Why do you want to remove it? If you want to change the routing around the fork, just remove the whole caliper. Show us a pic of what's up and describe what you want to achieve.
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