Archicad's Microstation import/export has never been very useful other than for quick review of simple files.
But since both programs have very good Autocad dwg translators, with numerous configuration options, the solution has been and I gather still is to export to dwg from Microstation and then import that into Archicad. You can create configurations that will cover most needs, the only one lacking is to import 3D with layers. To do that, you'll need to import each layer separately as an Archicad object.
Regards,
Thomas Holm
AC4.1-AC26SWE; MacOS13.5.1; MP5,1+MBP16,1