Is there a way to remove "Street Address:", "City:

Yes, you can easily hide fields that you don't need on the address field.

First, make sure that address is selected, once you selected the address field, you will see an option "fields" at the top header. Click on it and then you will have an option to hide unwanted fields by clicking off the check mark besides it.

Thank you for the speedy reply! I actually do want the fields in the form.
I'm speaking about the way it shows up when it is merged into the
Notification and Confirmation emails (the screenshot below). I'm not sure
if that makes sense.

This is possible. You just need to adjust the email notification template, instructions can be found here: How to Strip Headers from Postal Addresses in Email Alerts

You can use these:

{addres3:addr_line1}, {address3:addr_line2}
{address3:city}, {address3:state} {address3:postal}
{address3:country}

(tag 'address3' is based on the field label)

THIS IS PERFECT! THANK YOU!!!!!!