So, we are talking about a form of "bullet" in a list, not a word divider.

On my system if I mark all of the text in a bulleted paragraph as "hidden," the bullet is hidden as is the paragraph mark. If for some reason the paragraph mark is formatted as not hidden, then it and the bullet both appear.

It helps in diagnosing these things to have the non-printing formatting marks displayed. Ctrl-Shift-8 (Ctrl-*) If when these are showing you select the paragraph mark following your hidden text, check the font formatting. Is it marked as hidden?