"Hot" is lingo for describing a chunk that is being operated on at a rate much higher than other chunks. Depending on what exactly is making the chunk "hot" increasing replication can either make things better or worse.
If you have a chunk that's hot because there are a lot of reads going to it, yes, increasing replication will help because you are decreasing the amount of work you have to do per replica.
If you have a chunk that's hot because a lot of writes are going to it, increasing replication will make things worse as you are doing just as much work per replica as you were before, but you're now doing it on more replicas.
Referencing my copy of designing-data intensive applications[0], here are some approaches mentioned:
1) The naive approach is to assign all writes to a chunk randomly. This makes reads a lot more expensive as now a read for a particular key (e.g. device) will have to touch every chunk.
2) If you know a particular key is hot, you can spread writes for that particular key to random chunks. You need some extra bookeeping to keep track of which keys you are doing this for.
3) Splitting hot chunks into smaller chunks. You will wind up with varying sized chunks, but each chunk will now have a roughly equal write volume.
One more approach I would like to add is rate-limiting. If the reads or writes for a particular key crosses some threshold, you can drop any additional operations. Of course this is only fine if you are ok with having operations to hot keys often fail.
If you have a chunk that's hot because there are a lot of reads going to it, yes, increasing replication will help because you are decreasing the amount of work you have to do per replica.
If you have a chunk that's hot because a lot of writes are going to it, increasing replication will make things worse as you are doing just as much work per replica as you were before, but you're now doing it on more replicas.
Does that make sense?