A hedged position uses forwards or futures to offset the currency exposure that comes with a foreign asset. What remains is the local return, translated back without the currency adding or subtracting anything.
It is not free. The cost is roughly the interest rate differential between the two currencies, so hedging into a currency with much lower rates gives up that gap every year, and hedging into a higher-yielding one is paid it.
The usual practice reflects the timeframe. Foreign bonds are typically hedged, because currency volatility swamps the modest return being sought. Foreign equities are often left unhedged, since over long horizons currency moves partly offset and the hedging cost compounds.