Yes it can take up to a week before the address goes away.
WARNING - If you get a call in the meantime asking about your address and if you have a storefront - be advised Google India is calling lots of folks.
They sometimes don't understand English well so be prepared to say very clearly:
"Yes I have a home office BUT I already hid my address."
Because I think the callers from India are working off of outdated lists because even people who's listings have hidden addresses for a couple weeks are getting their Place pages deleted sometimes. We're getting multiple complaints a day at the Google Places forum.
I got a call 2 weeks after I hid my address and had to keep saying over and over "I already hid my address, do not delete my listing!" He didn't seem to understand until 3rd try.