Not really... It is that last part that misses it.
We have the eurodollar standard, so there is no repatriation of “capital.” If “hot money” is receding in participation in foreign shores it is not going or seeking “elsewhere” (dollar or US assets) but rather relates to the always changing global dollar short. Like a balloon, the dollar short growing ever shorter (more “dollars” on offer at cheaper rates) is the global finance system filling up and acting like a “hot money” inflow. It's kind of like when people talk about credit contracting and expanding too (similar concept).