code: def _is_excluded(obj, properties, regexes, include_only_marked):
          
          # Host
          if isinstance(obj, vim.HostSystem):
              # Based on `host_include_only_regex`
              if regexes and regexes.get('host_include') is not None:
                  match = re.search(regexes['host_include'], properties.get("name", ""), re.IGNORECASE)
                  if not match:
                      return True
  
          # VirtualMachine
          elif isinstance(obj, vim.VirtualMachine):
              # Based on `vm_include_only_regex`
              if regexes and regexes.get('vm_include') is not None:
                  match = re.search(regexes['vm_include'], properties.get("name", ""), re.IGNORECASE)
                  if not match:
                      return True
  
              # Based on `include_only_marked`
              if include_only_marked:
                  monitored = False
                  for field in properties.get("customValue", ""):
                      if field.value == VM_MONITORING_FLAG:
                          monitored = True
                          break  # we shall monitor
                  if not monitored:
                      return True
  
          return False
docs: Return `True` if the given host or virtual machine is excluded by the user configuration,
          i.e. violates any of the following rules:
          * Do not match the corresponding `*_include_only` regular expressions
          * Is "non-labeled" while `include_only_marked` is enabled (virtual machine only)