The point is, that in real construction renovation stages might happens in different time - for example it is possible to retain the old roof until demolishing and building new elements under it, and after demolish (replace) the roof.
Installation also can be split into several steps - for example several concrete pours for the slab, steel members deliveries and installation, wall panels etc.
Having "hide elements" in graphic overrides can help to build several models, that can visualise these construction stages.
Please take a look on attached images, I extracted from BIMx. I have created BIMx file, showing steel deliveries on site, that builders used during installation. To achieve that, I needed to select elements by specific properties and show in 3D only selected elements. If I had option "hide elements" in graphic overrides, it would be much faster to make such a models.
Maybe, as an option, to have possibilities to create custom renovation statuses: "Demolition Stage 1", "Demolition Stage 2", "Delivery 1", "Delivery 2"...
I understand that there is exist special software on the market, that helps to visualise construction stages, but ArchiCAD also can do it very good, it just need a little bit adjustments.