Can I use arrow functions instead of normal functions for React Hooks?

The short answer is: yes you can.

Arrow functions and function declarations/expressions are not equivalent. However, if the function you want to replace does not use this, arguments and is not called with new, then you are free to use whatever style you prefer.

The difference between declaring functional component using function or const would be the same as the difference between functional expressions and functional declaration

For instance Function declarations load before any code is executed while Function expressions load only when the interpreter reaches that line of code i.e rendering a functional component created using function syntax can be done before it is defined in the code while if its defined using expression then it needs to be declared before using

So in short function declarations are hoisted whereas function expressions are not

In terms of using both the above syntaxes to create components you can use either as long as you use hoisting into account