I just solved this problem myself! I wanted to hide hyperlinks for printed material, but show them for viewing on a computer. It should work for any type of text. Here's how (the order doesn't matter)
1) Make the text you want to hide "hidden": highlight the text, Format>Font>check hidde
2) Tools>Options>View>check "hidden text" under formatting mark
3) Tools>Options>Print>under "Include with Document" make sure "hidden text" is NOT checked