Yes, the feature is supported. Please try using WorkbookSettings.RecommendReadOnly Boolean attribute to true. Please see the following sample code for your requirements for your reference:
//Open an Excel file.
Workbook workbook = new Workbook(@“e:\test\Book1.xls”);
//Set recommended read-only option on.
workbook.Settings.RecommendReadOnly = true;
//Set Passord to modify option.
// workbook.Settings.IsWriteProtected = true;
//Set the password for modification.
// workbook.Settings.WriteProtectedPassword = “1234”;
//Save the Excel file.
Let us know if I can be of any further help.