Modern recommendation systems often create information cocoons, limiting users' exposure to diverse content. To enhance user experience, a crucial challenge is developing systems that can balance content exploration and exploitation, allowing users to adjust their recommendation preferences. Intuitively, this balance can be achieved through a tree-structured representation, where depth search facilitates exploitation and breadth search enables exploration. However, current works face two challenges to achieve this target: (1) Euclidean methods fail to fully capture hierarchical structures and lack flexibility in balancing exploration-exploitation, while (2) hyperbolic approaches, despite better hierarchical modeling, suffer from insufficient semantic alignment due to their reliance on Euclidean text encoders. To address these challenges, we propose HARec, a hyperbolic representation learning framework that jointly aligns user-item collaborative information with textual descriptions in hyperbolic space. Our framework introduces two key technique novelty: (1) a hierarchical-aware graph-llm alignment mechanism that enables better hierarchical representation, and (2) a hyperbolic hierarchical tree structure that facilitates user-adjustable exploration-exploitation trade-offs. Extensive experiments demonstrate that HARec consistently outperforms both Euclidean and hyperbolic baselines, achieving up to 5.49% improvement in utility metrics and 11.39% increase in diversity metrics.