@oaken Yes, you can use equity futures to reduce the FX exposure associated with foreign equity exposure, compared to a direct investment. (With a futures contract, you limit the FX exposure to the collateral plus the mark-to-market changes, which normally is significantly lower than the notional amount.) However, you among others need to consider the associated roll return of equity futures, which is negative if the respective markets are in contango and you are long. Another consideration are the dividends.
Perhaps more importantly, although generalizations are difficult, the long run benefits of FX hedging are less clear for equities than for fixed income. One way to look at this is to consider that a weakening foreign currency in a market you are invested in can support exports for firms operating in that currency, and it can be beneficial for their currency translations if they operate globally. This may drive nominal valuations in the foreign currency.
If you want to hedge on IBKR, I would compare the effective cost of a CFD position and an FX futures contract.
Edit: added clarification on why the FX exposure is lower than the notional amount with futures, typo