Yes, you can configure times that statistics will not generate via:
"WHM Home » Server Configuration » Statistics Software Configuration"
Click on "Configure Statistics Time Schedule" to select the hours that you want to prevent statistics from generating. Note that you can also browse to the "Stats and Logs" tab in "WHM Home » Server Configuration » Tweak Settings" and modify the following option:
"Extra CPUs for server load"
Per it's description:
The load average above the number of CPUs at which cpuwatch, cpanellogd, backups, and CPU stats consider the system to be in a critical load state. For example, a server with 4 physical CPUs and a value of 2 in this field will be considered “critical” in these cases once the load reaches 6.