Dynamic Templates allow you to create dynamic lists with a flexible number of bullets. As long as you do not include any placeholders or similar in your dynamic template, the bullet will only appear in the frontend when it is filled with content.
By the way: This also works if you use the Dynamic Template as a post template, for example in a query loop. Again, leave the list items in the template blank (no placeholders) and use dynamic tags to link each bullet in your list to the appropriate post type field. For example, you have 10 bullet points in your list and 10 fields in your post type, which you link with dynamic tags in the query loop. If only 6 of the 10 fields are filled in a post, only 6 list items will be displayed in the frontend.