Android Studio - How to turn off "typo in word 'word'?

Yes, open Preferences -> Editor -> Inspections -> Spelling -> toggle off Typo and press OK.

Edit

To make it as default not only for your project select Profile: Default.

On Android Studio 4.1.x you have to open File > Settings and uncheck Typo inside Editor > Inspections > Proofreading (you could also find it using the search box on top of Settings screen).

In Android Studio 3.6.1 (and probably some other versions), go into File > Settings, search for "spelling", and choose the Inspections category:

Either turn of "Typo" entirely or configure the options (lower-right corner in screenshot) to determine where you do and do not want spell-check.

The Spelling category lets you control what language dictionaries get used, etc.

You can add the word in "Accepted words" list: Open File -> Settings -> Editor/Spelling, click + below "Accepted words" and add word, so you can let spell checing intact.

Edit: You can also add @SuppressWarnings("SpellCheckingInspection") for Java or @Suppress("SpellCheckingInspection") for Kotlin before a Class, Function or Sub and also keep spell checking for other parts of code.