Hiding featured images from single post display in custom post type

That works as well.

Another way to do it is by creating a Layout element.

On a Layout element's Disable elements tab, check Featured image. We then go to the Display rule tab and set the Location to the CPT posts you wish to apply it on. ( this one does the same remove_action() )

Thanks for the idea of using a Layout element. That seems like the most "GP-way" to handle it.

That's right. PHP snippet is an alternative for those who don't want to maintain too many GP Elements. It shouldn't be an issue to have extra one though.

No problem. :D