Hiding a review on a Review post's Moderation tab removes that review's card and, when the connection's Structured data setting is on, its individual Review entry from the page's structured data. It does not change Google's overall star rating or total review count. Steuard does not recalculate those business-level values from the cards you choose to display.
The same separation applies to Maximum reviews, Minimum rating, and the hold-back period on the Review post's Display tab: those controls decide which review cards and which Review entries appear. Steuard emits the structured data once per page, on the first review placement rendered, as a list of the displayed reviews that each name your business as the item reviewed. It contains no aggregate rating, so nothing you hide or filter can change a rating in search results. See Do my reviews show star ratings in Google search results?.
For the connection-wide defaults, placement overrides, display delay, and moderation workflow, see Managing Review Display and Moderation.
After changing moderation or display settings, click Update and reload the page containing the reviews. If a card remains visible, clear the page cache or CDN cache.