Not quite, the EU parliament can't propose new laws nor repeal existing ones, only amend them and vote on proposals from the commission.

The Stop Killing Games campaign, for example, has noticed that the EU commission keeps repeating lobbyist lies and has no expectations of new laws actually passing, so they're focusing on amending existing law through parliament.

The repeal would have to be proposed by the same people who proposed the law in the first place. The European Parliament can't initiate the process on its own.