Since hot wallets are connected to the Internet, funds are more accessible for day to day trading or payments, but on the other hand, theyre also more prone to hacking. Examples of hot wallets include exchange wallets, mobile wallets, and web wallets. If you bought your crypto from a centralized exchange like Coinbase, youre actually using their hot wallet service.
As you wrote, a "hot" wallet is a wallet that is accessible from the internet. That includes any wallet on your desktop computer, laptop, tablet, or phone since those devices are accessible from the internet.