You can delete content within of your usage rights.
1. Open the content editing view
2. Remove the desired playlist link
3. Save the content.
The content is now removed from the selected playlist, but it will still appear in other linked playlists.
1. Open the three-dot menu for the content in the playlist view
2. Select delete
Note: This will delete the content from everywhere it is linked to. Deleting the content cannot be undone.