Do you mean emulating a "real" smart dimmer by beginning a level change when a hold is registered and stopping the level change when the button is released? If so, theoretically yes, but Hubitat does not support the commands you needed on groups. It would work with ah individual bulb. It could also work by selecting multiple individual bulbs, but then you're likely to notice inconsistent behavior with each bulb potentially starting or stopping the change at a different time. Still, you could try it if you wanted. The relevant RM actions are "Start raising/lowering dimmers" and "Stop raising/lowering dimmers." The key for either to work is that you need to see the "Start level change" and "Stop level change" commands (in the collection of buttons towards the top) of the device page in the admin UI.
Something you might consider instead: have a push change the level by a little, or have a hold change it by a lot. Alternatively, consider having some or all of these actions just set the lights to a specified level--in real life, there are likely only a few you'd want it at anyway (push and hold of 2 and 3 would give you four options), and it's less fun but might be more practical.