Yes, mine is buried in my master bedroom closet in the back of the house and is fine. You just have to make sure your zwave and zigbee network is planned accordingly.
It all depends upon on devices on your zigbee/zwave mesh that can route/repeat.
My wife dislikes anything out in the open like hubs, etc (except the Echo on our kitchen counter). My hub is installed behind a solid wood dresser with mirrored glass in a spare bedroom in the corner of our house. It’s mounted on the back facing up (green lights pointing to the ceiling). I’ve have a hub v1, and 2 v2 hubs mounted in the same location with no issues. Here it is peeking around the mirror so you can see:
Wood will reduce signal strength somewhat, but not usually enough to matter. That’s why a signal from the hub can reach a device a couple of rooms away. The following graphic shows the reduction in signal strength from different types of materials:
One thing to note, however, is that if the entertainment cabinet is painted or shellacked, that might reduce the signal further. In particular, those red lacquer Chinese cabinets that some people use have iron oxide in the paint, and are terrible for getting signal through.