# If you'd like to omit non-matching lines from the result; add ';d' to the end of the expression.
sed -E 's/(^\s*)#\s(?=.*# check=nothing)(.*)$/$1$2/gm;t' <<< "parent:
A:
name: foo
value: x.y.z # check=something
# value: \"yay\" # check=nothing
B:
name: bar
value: p.q.r # check=something
# value: \"yay\" # check=nothing"
Please keep in mind that these code samples are automatically generated and are not guaranteed to work. If you find any syntax errors, feel free to submit a bug report. For a full regex reference for SED, please visit: https://www.gnu.org/software/sed/manual/html_node/The-_0022s_0022-Command.html