Any process that can be executed on images is automatically maskable in PixInsight. The masking operation is always performed by the core application in a completely automatic (and highly optimized) way.
There are processes that remove the active mask in the target image prior to execution; for example, this happens with processes pertaining to the Geometry category that change the dimensions or orientation of the image, such as Crop, Resample, etc. Naturally, this is not the case for ColorCalibration.
So yes, you can mask the ColorCalibration process. A completely different thing is whether or not doing that makes sense. As Adam has said, it normally doesn't. But it can be done without problems from a pure data processing perspective.
To verify this, create a grayscale image with the same dimensions of the image you want to process, then apply the following PixelMath expression:
X() < 0.5
This will create a mask where the left half is white and the right half is black. Activate this mask on the image, then apply a ColorCalibration instance with parameters set so that the color change is conspicuous. You should see a clear difference between the left and right halves of the image.