It would be the same, but not in jupyterhub_config.py. Terminals are not configured by JupyterHub, since they are part of the single-user server. You can put the above config somewhere your single-user servers will load it, which will depend on your Spawner. /etc/jupyter/jupyter_notebook_config.py is a place for system-wide notebook server config. This might be on the host system for local spawners, or in an image for container-based spawners such as docker or kubernetes.
You can specify the same option in jupyterhub_config.py to be passed on the command-line with:
c.Spawner.args = ["--NotebookApp.terminals_enabled=False"]