Yes, you can remove it with one screw and use a standard hitch pin bolt with cotter pin or lock.
However, this is not possible with the 1.25″ hitch or the 1.25″ with the 2″ adaptor installed. The reason is is because there is no hole going through the adaptor. In other words, you can only do this with the 2″ hitch model.
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Specs and Fitment