I have been fortunate that all but one of the Being Hunted events occurred such that I had high ground nearby to get to before the wolves showed up. There is some lag between the time the event is announced to the time that critters show up, usually giving me enough time to find and get to a defensive position.

One case happened in the Plains with a nearby herd of Lox that wolves I wounded went to attack rather than continue to attack me. Another case, also in the Plains, I was caught in the open. That is where the Atgeir secondary attack came in handy. 360 degree swing and knock back provided me enough time and stamina to finish off enough of the initial attack to live for another day.

I intentionally, among other reasons, held off taking out Bonemass because it would activate the Hunted event, which is centered on the player, not the base. I explored and mined nearby Mountains, which cost me several deaths, so that I could upgrade weapons and armor. I am doing the same with Moder, exploring the Plains and gathering Plains mats so that when Moder is defeated I will be ready for the next round of upgrades and events.

Good luck to the OP!