I have a OnePlus One. I use the "protected apps" section to hide some things I will never use, but if I put anything in there that I do use, it will disappear from the home screen as well, so that's not really a solution.
Creating a folder or hiding them using a different launcher isn't a bad idea. Would is slow down the performance of my phone? I am fairly new to Android, though I did have a GS4 when it came out and used a different launcher than the stock one from Samsung, but it gave me so many problems because they would both run at the same time.