Thank you!
Here’s what I did
On the Accounts tab, inserted a column to the right of Hide (Column Q) and titled it Hide from Net Worth (Column R). Copied over Hide values for the accounts I wanted to Hide from Net Worth and left cells blank for ones I wanted to show in Net Worth.
In the Net Worth tab, I renamed AW23 from Hide to Hide from Net Worth (to match Column R in the accounts spreadsheet).
I also adjusted the code in AX23 so that it looks all the way to column R. This is simply changing Accounts!$F$1:$Q$1 to Accounts!$F$1:$R$1
=SUBSTITUTE(ADDRESS(1,MATCH($AW23, Accounts!$F$1:$R$1,0)+code("F")-code("A"),4),1,"")
The Net Worth sheet now references the custom Hide from Net Worth column (R) and I can see loans that I paid off this year in my Net Worth sheet, but not in my balances!