Is it possible to build lightweight version ISO of Qubes 4.1?

Alternatively, during the normal installation, you can choose to not install the Debian 10 template (that option seems to be in software selection).

After you login to the new installation of Qubes OS, install, update, clone, and customize the fedora-33-minimal template. Replace the fedora-32 template by the minimal template. If something goes wrong, you can switch back. Finally, delete the feodra-32 regular template.

If you choose to use the Qubes-builder, you have to at least work around this:

and maybe this: