I do not think HIPS is based on profiles. What you can do is schedule the Firewall rule depending on time so you have to edit rule details within Firewall policy and set the time. This for example will not let use network connection by specific application during Monday - Friday business hours. Try this, maybe someone else advice you more. If you want to block application you need use VSE policy. I have no more clue, hope it helps.
Moved to HIP as possibly a better spot for answers.
We don't have such option in HIPS. If you know specific port and application executable than you can try under McAfee access protection > User defined rules.
can you please help me out with my question regarding how to Create a User-defined VSE Rule in HIPS