Don't hide things that are required for survival and completion of the game. The balance to be struck is between giving the player enough information so that good runs don't get killed by random nonsense that they had no way of knowing about, and giving them little enough information not to feel overwhelmed. Striking that balance can be made easier by restricting the amount of random nonsense that causes instadeaths, or spreading out the information-delivery through the game.
If it's just backstory and world-building, then go ahead and hide as much as you want. Completionists will gobble it up, non-completionists will ignore it or be impressed by all the new stuff they see each time, and completionists who don't have time to spare to win a game 10 times just to read its story will read it in the source files. Everyone wins!