If something uniquely identifies someone, it's considered a PII and a salted (but still useful) hash of the IP address is that. At least under GDPR. That means you will need to throw away the salt and have different salt for every instance. At that point, you might as well replace with a random string, and that isn't very useful.
"In the context of the European GDPR the Article 29 Working Party has stated that while the technique of salting and then hashing data “reduce[s] the likelihood of deriving the input value,” because “calculating the original attribute value hidden behind the result of a salted hash function may still be feasible within reasonable means,” the salted-hashed output should be considered pseudonymized data that remains subject to the GDPR."
Under CCPA, I think that is enough, HOWEVER, business must implement business processes that specifically prohibit reidentification. So again, not useful at all in this case.
The question should be is IP address a PII or not. Under CCPA and GDPR it is, but only if it “identifies, relates to, describes, is reasonably capable of being associated with, or could reasonably be linked, directly or indirectly, with a particular consumer or household.”