Can I edit queued MySQL binary logs for replication?
Plan A:

Can you avoid updating that table entirely?  If so, the Slave can be configured to have replicate-ignore-table on the Slave.  If it is an entire database (or could be moved to be such), then you can use the more efficient binlog-ignore-db on the Master.  Caveat -- If that table is needed on the Slave, well, it won't be there (or at least not up to date).

Plan B (close to what you are asking about):

SET SESSION sql_log_bin = 0;
UPDATE ...
SET SESSION sql_log_bin = 1;


Again, having the table inconsistent between Master and Slave leads to various Caveats.

Reference: https://dev.mysql.com/doc/refman/5.7/en/set-sql-log-bin.html