There is no "-Exclude" option for the current version of WinGet.
You can place a feature request (use the "New Issue" button) here: https://github.com/microsoft/winget-cli/issues. You'll have to create a GitHub account in order to do so.
You can also create you own JSON file containing only the package Id's you want to update. https://learn.microsoft.com/en-us/windows/package-manager/