When a field is searchable it appears in Advanced Find and is available for filtering records when customizing views. Use this when there are fields for the entity that you don’t use. Setting this to No reduces the number of filtering options shown to people using Advanced Find. The Searchable property does not affect the columns available for display.\

Meaning if we set it to No then that field will not be available in the Edit filters and it will still be available in the Edit columns.

But we need to hide the fields from Edit columns as well, but currently we don't have any OOB functionality to hide the fields from Edit columns, It would be really great if we get this feature.