Hi and welcome,
All you need to do is hit the “Edit All” button for the recurring event, add the exclusion, and re-save. If you prefer to alter the title notifying users that particular event is cancelled, you would need to break it from the series and add the ‘Canceled’ label/category whatever to it.
I hope this clarifies your current options and if you have any recommendations on how we can improve, please visit our UserVoice Feature Ideas and submit your requests there.
Let me know if this helps answer your question and have a good afternoon 🙂