Yes you can do that. You can either get a purpose built access point or buy a router that supports an access point mode (most will do but they may call it something slightly different)
The disadvantage is that you're still using the VM hub as the router and its most likely the new router will be better / more powerfull unless its a really basic model.
The hub will still be on its current IP address in this setup so you'd access it exactly how you do today instead of the modem mode IP address. The new router / access point will be allocated an IP address by the hub but you should see that as part of the setup.
You could also keep the wifi on the hub, but if they're close eg in same room there's no point. Also you may have issues with roaming between the 2 wifi sources (which the mesh type options manage for you)
The other alternative is to run 2 cables. 1 from the hub in modem mode to the new router, then another back to that location. Get a cheap unmanaged switch like a netgear for £15-£20 and plug the return cable and any wired devices that are currently plugged into the back of the Hub into the switch. No setup required these just work - a bit like a 4 or 8 gang electric extension socket but for lan cables (only they come in 5 and 8 socket versions, which gives you 4 or 7 usable ports)
I run in modem mode and my Hub3 is under the floor, under the stairs. My router is also under the stairs with a 16 port network switch and I have two Wireless Access Points, one upstairs and one downstairs, both are located on the top of high cupboards. There is NO visible Broadband equipment in my home at all, it’s very neat and tidy, that the way I like it. Latest speed tests, from WiFi on this iPad Pro 462 down 36.9 up, from wired Mac 551 down 37 up.
Tudor There are 10 types of people: those who understand binary and those who don't and F people out of 10 who do not understand hexadecimal c1a2a285948293859940d9a49385a2
Not sure which way round the question was so to clarify for both scenarios
Hub in Modem mode
Asus router (example) 192.168.1.1
Hub as router with WiFi switched off
HUB 192.168.0.1 as now
Router set as WiFi access point will be whatever the hub has allocated eg one of mine is 192.168.1.37 (unless the router / access point manufacturer has a default access point IP address like 192.168.0. 250 in which case it will be in the help documentation)
In both scenarios there is only 1 router allocating IP addresses - it shouldn't matter which wifi you're connected to. If you're connected to the LAN via WiFi you can see all IP addresses as they share the same IP address range