Pro/Program is capable of including/excluding a feature based on a parameter value. It is only worth doing if you are trying to implement variations of an existing relatively stable model/assembly. I have seen an Excel spreadsheet used to reconfigure large assemblies based on the values entered in the Excel file.
There are also 3rd party programs that will update holes based on the fastener selection through stacked parts (different hole types i.e. clearance on flange and thread in block).
======================================== Involute Development, LLC Consulting Engineers Specialists in Creo Parametric
As far as I know it's not possible, unless you want to have two holes that are turned on or off, but I'm guessing that's not what you want. However, you could do a simple hole and a cosmetic thread and connect both of them to your parameter.