Yes - according to the manufacturer's website: Moroccanoil Curl Defining Cream is an all-in-one product that defines curls while fighting frizz. Heat activated technology activates curls to keep hair bouncy in naturally curly or wavy hair. And if you end up using "too much" and your hair gets crunchy, just scrunch and it breaks it up and makes hair soft.
Yes, it does help with hydration. It will feel a little weird at first, but put this on wet, not damp, hair. I put this on my curls right after I get out of the shower and then let my hair air dry. They come out soft and bouncy, not dry or crunchy.