Yes, it is in 2.0 Beta.
Like mentioned above, Right Click on the icon and pick "Exclude this icon from Fences' quick hide".
Works like a charm!
Win7-Pro
It seems to vary from icon to icon. For example in my "Games" fence...
Games.txt (some assorted notes of mine) = works
Warlock: Master of the Arcane (steam-link) = works
Steam = doesn't work
Skyrim = works
Fallen Enchantress = doesn't work
Looking at properties of each, it seems that shortcuts are what do not work with this feature. Although I guess it could be some other reason, and I just don't have a big enough sample size.