Yes, an Extended Product module allows creating different templates with custom sets of columns to be displayed. You or other admins can just switch the templates if needed (this option can enabled in the extension general settings).
If you want to edit something right on the grid, you should make the corresponding column editable. To achieve that you need to navigate to “Grid Attribute Columns” and tick those fields that should be editable, this can be done on all the tabs: Standard Columns, Attribute Columns and Extra Columns. After that, save the changes of the existing template or add them to a new one.