You can get it cut but it does have a LOT of nerves and it is one of the most sensitive parts of the penis. My friend can rub his frenelum and cum from that alone without touching the rest of the cock.

Instead of cutting it off, you might want to find out about a frenulum breve. They have a surgury where they can make incisions in the frenulum in such a way as to make it longer and not damage the nerves.