Hotspot Shield has proxy settings? Can it be used to hide my IP?
You can't change HotSpot Shield's proxy settings since they're automatically configured. You can disable HotSpot integration through uninstallation or disabling the Automatic Proxy configuration in your favorite browser where Hotspot is installed. Yes, Hotspot Shield can be used to hide your IP.
You can learn more about it using the following link: http://www.hotspotshield.com/learn/what-is-proxy-server