filter fonts based on licensing/ filter out non adobe fonts

In short, no. Myra's suggestion is a good workaround. If you use some kind of third party font manager, you can come up with some sort of system to keep them separated, but Illustrator is not going to do that for you. 

Go to Character in the Properties panel and click the dropdown menu. If you click the little star icon when you hover over a font in the list, you could mark all of your free fonts as favorites. Then click the star to the right of Filters which will show only your favorited fonts--in this case your free ones. Also, next to Filter, click the cloud icon with a checkmark to show all of your Adobe Fonts that have been activated.