Yes, Hotlinked Modules would be the close equivalent to Revit Groups. The difference is that in Revit you can create a Group out of several elements. Then you can copy this Group as many times as you want. If you modify any instance of the Group, all other instances of the Group will also update.
In ArchiCAD, Grouping is also possible, but when you group several elements, it only means that you can click any of them and all of them will be selected, so they can be moved or copied together.
In ArchiCAD, you normally save several selected elements as a Module file or a PLN file, then place that as a Hotlinked Module. It is also possible that you create a separate PLN file, save it and place that as a Hotlinked Module. After it is placed, you can move it around as a single entity, copy it in as many instances as you want. A placed Hotlinked Module is not editable, it behaves as a locked (uneditable) ArchiCAD group.
(Please note that there is a suspend groups command, which enables you to manipulate and edit the individual elements of the group. When you finished editing you can toggle the Suspend Groups toggle again, so the group is again treated as one unit. The way this related to placed Hotlinked Modules is that when suspend groups is ON, you will not be able to move a Hotlinked Module, since it can be moved only as a single group of elements.
If you want to modify the placed Hotlinked Module, you have to open its source file in a separate ArchiCAD instance, modify it there, save it, then update your Hotlinked Modules in your host file. Hotlinked modules can have other Hotlinked modules nested in them as well, they can be single story or multi story, there are many possibilities.
But the main point is: Revit groups are edited within the Project file, while ArchiCAD Hotlinked Modules are edited in a separate ArchiCAD instance and placed (kind of like Linking a Revit file in Revit).
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