There’s higher risk though, and probably more correlation between corporate bonds and equity markets.
In general the theory is that the expected return after hedging should be the same as the equivalent return in bonds denominated in the hedged currency.
So expected yield of non-sovereign USD bond after hedging should be similar to expected yield of corporate CHF bonds of similar rating (which is barely above zero?). The main advantage of global bond hedged will be some extra diversification.
edit: and need to keep in mind what your goal is, usually that’s having a less correlated asset class, so if you’re increasing the yield but increase correlation with equity that might be detrimental to the overall portfolio.