Hi @Nishanth Chakkere,
Per my test and research, we are unable to hide the Shared with us by setting currently. Here is a post discussing the similar issue with yours:
As a workaround, the post mentioned users could inject a css with spfx to custom the navigation bar:
https://blog.jussipalo.com/2019/09/problem-for-apparently-nearly-3-years.html
Many features of our current products are designed and upgraded based on customers’ feedback. With requirements like this increase, the problem may well be released in the future. You could vote the request in this link. Thanks for your understanding.
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