I’m about to join a google hangout group and worry someone could see my Ip address or location.
Everything on the internet sees your IP address, it’s how data can be given to you. It’s like the street address you give when you order something to be sent to you, without an address there’s no way to know how to get it to you.
You can use a middle man service so that only it knows your IP address, it relays your requests, and it relays back the data. There are many ways to do this on the internet, popular ways are TOR or a VPN service. It’s like using a mailbox service to send out an order and then receive the shipped item for you. Also like a mailbox service it slows things down and some things can’t be sent via a middle man service.
As to location data, generally only a rough approximation of your location can be determined unless you actively tell a site/service where you located. e.g. most sites/services put my location two towns and about 10 miles away.
Google will receive it; no other participants in the hangout will.