As with Home Assistant, Node-RED runs on it's own hardware; meaning it will not run on your Hubitat. Like Home Assistant, Node-RED provides a convenient way to integrate devices not directly compatible with Hubitat into the Hubitat ecosystem.
In addition to device integration, @fblackburn has written a set of Hubitat nodes for Node-RED, which make it possible to create all automations using Node-RED's graphical interface instead of the tools built-into Hubitat.