See >>> Hide and unhide music, movies, TV shows, audiobooks, and books - Apple Support
While you can hide the purchased content from view, you cannot completely remove record of the purchase from your AppleID account.
Perhaps consider that unlike other computers with which you may be familiar - that support multiple user profiles - other than within “managed” educational environments, iOS/iPadOS devices are essentially single-user devices that are not intended to be shared. Where an AppleID or single-user device is shared between Users, all data and sensitive information (such as browsing and purchase history) will be visible to all sharers.
If you need to keep personal or sensitive information away from visibility of others, you will need to use separate devices. You can still selectively share material, but potentially sensitive information (such as Password and “accidental” purchase history) will remain out-of-sight.
These resources may be helpful:
Family Sharing - Apple
Set up Family Sharing – Apple Support
Share App Store, iTunes Store and Apple Books purchases with Family Sharing – Apple Support
https://www.imore.com/how-set-up-family-sharing-iphone-ipad