Can you hide a server IP address using Cloudflare?

I am in the UK and looking for a new server for my websites. Pricing in the UK is really expensive but I stuck with the UK as that is where my main audience is. I noticed that with providers like Hetzner in Germany I can get a better server and 1/2 the price.

Can I host the websites in Germany but still do well in search engine rankings in the UK? It has been suggested that using Cloudflare will ultimately hide the true server location and the search engines then base the best location on website characteristics such as language, topic and the like.