Many of the IRC networks offer a "cloak" if you register your nickname, and of course it's trivial to connect via a VPN or via Tor (if your network allows it).
Cloaks apply uniformally but will not mask the last bit of your reversed hostname. So it might leak info about your ISP or region but not your full IP.
What you stated is true of vanity vhosts though. Which will mask the whole record only if you’re logged in. :)
IRCds such as InspIRCd and UnrealIRCd speak of cloaks in the sense of user mode +x, commonly set on connection, which scrambles an incoming user's hostname/IP address to e.g. hidden-5npgt1.iinet.net.au or hidden-qjia2j.ncp0.j4h4.014d.2804.IP.
Freenode, nota bene the largest IRC network right now, uses cloaks to instead refers to a special format of vHost[1]. It does not offer Unreal-style cloaking.
I imagine this difference in terminology is what's prompted this exchange.
I do see what IP you're connecting from, but that information is limited to me only, and it's not like I care unless you're doing something very harmful to the service in which case I would ban you based on IP most likely.