Changing of system files or settings is sometimes tricky. So make sure you create a restore point before making any changes.
To remove the Graphics Properties from the context menu, open registry by pressing Windows key + R, type in regedit and hit enter.
Now navigate to the following key:
Under the sub key of ContextMenuHandlers find the below key as required and delete it by right click and tap delete.
For AMD Catalyst Control Center find ACE and for Intel Graphic Driver find igfxcui
After you have delete it, the Graphics Properties will no longer appeared in the context menu.
P.S: The above tips will work only with AMD Graphics and Intel Graphics driver.