Yes, you can turn notifications on or off.
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When creating an event, set "Notification for Standard Events" and "Notification for All-Day Events" to "None." Alternatively, go to the app's settings → "General Settings," and set all "Default Notification Settings" to "None."
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You can also disable notifications for this calendar by opening the device's settings app, navigating to "Apps & Notifications," and turning off notifications for this app.
To change the notification sound, open the device's settings app, tap "Apps & Notifications," and make the changes there.