Hiding text elements on simple, informational sites can work. On mobile devices, the performance hit of loading additional elements is compounded because of the slower connection.

The general rule of thumb is if you have a complicated application, consider building a mobile optimized (*not responsive) site or a native application (even better if you have time & money). If you have a simple informational site, I think hiding elements can work though you have to question if you needed the extra copy in the first place.