Is it ok to hide the full settings until initial onboarding steps are complete?

We have a product with a bunch of available settings but only a couple are actually required to get started. To simplify things, I was going to hide all these settings behind a banner that drives the user to complete some initial onboarding setup steps. Once those initial steps have been completed, they will then have access to all available settings.

Is it ok to require these initial steps to help guide them and set them up for success or should I allow them to dismiss/skip to reveal all settings? My worry is that the first instinct of many will be to dismiss the banner and then they are lost, not knowing what is required to get started.