Fallback values for OG Meta Tags / hiding some unused OG fields
Also is there a good way to hide some of the OG tags that are not
  going to be used? (location, type and contact sections specifically).


You can use common css selector to do that:

.form-item-metatags-ru-og\:type-value,
.form-item-metatags-ru-og\:latitude-value,
.form-item-metatags-ru-og\:longitude-value,
.form-item-metatags-ru-og\:street-address-value,
.form-item-metatags-ru-og\:locality-value,
.form-item-metatags-ru-og\:region-value,
.form-item-metatags-ru-og\:postal-code-value,
.form-item-metatags-ru-og\:country-name-value,
.form-item-metatags-ru-og\:email-value,
.form-item-metatags-ru-og\:phone-number-value,
.form-item-metatags-ru-og\:fax-number-value {
  display:none;
}