linux-image-generic-hwe-20.04 is not as such a kernel. It is the metapackage that brings in the newest kernel image for the kernels from the HWE stack.
Ubuntu 20.04 is a long term release. In principle, it remains on the same long term supported kernel release for the entire support time. However, later in the release cycle, i.e., starting with the .2 version (20.04.2), updated installation media are shipped with updated kernels, the so called Hardware Enablement (HWE) stack. This allows the long term release to continue working properly with newer hardware.
linux-image-generic-hwe-20.04 in turn depends on
linux-generic-hwe-20.04. That is the top level metapackage that ensures that the HWE kernel (image and headers) are automatically updated to the latest available version. For the regular kernel series, the
linux-generic package fulfills that role.
You can delete that package, but if you do, also
linux-generic-hwe-20.04 will be removed, and
linux-image-generic-hwe-20.04 will be removed with the next
autoremove. You will not break your system, but your kernels will not anymore be automatically updated.