Does a molecular compound in water have hydration or have ionization ?

Some do both. Gaseous HCl, for example, is a molecular compound (and polar covalent). When added to water

HCl + H2O ==> H3O^+ + Cl^-
In this case we show the H^+ as being hydrated. Although we hardly ever show it the Cl^- is hydrated, also.

Compounds like glucose dissolve in water without ionization or dissociation but most are hydrated although we seldom show it. I suspect the reason we don't is
a. we don't know the hydration numbers for each and every compound, and/or
b. the hydration number is different for different molecules.