Yes, you can. However, it is not something we recommend. When campaigns are paused, the engine loses its buying power and the ability to make predictions – because it is unable to collect data and retarget the user.
When the campaign is then relaunched, the engine needs to re-ramp to collect the valuable data from scratch, make predictions and effectively target users.
The short-term savings you would potentially see from turning your campaign off would actually hinder its performance in the long-term.