Hyperventilation leads to decreases in alveolar PCO2 (blows off carbon dioxide) and thus it increases blood pH and correct metabolic acidosis. This mechanism is observed in a patient with metabolic acidosis like diabetic ketoacidosis.
The decrease in ventilation leads to respiratory acidosis due to CO2 retention.
For hypoxia to correct, oxygen supplementation is needed.
Hyperventilation does not correct alkalosis, in fact, patients who hyperventilate alkalosis may complicate.
Patients with metabolic alkalosis for example due to severe vomiting (loss of acid HCL) ventilation is depressed.