Is the wifi hotspot feature available on newer android phones?
Almost all phones support this fundamental feature nowadays, so much that it's no longer on marketing materials. I use the feature exclusively on some of my phones - I have data SIMs in them and carry them around to provide connection for my main phone. S7 even supports relaying WiFi connections which is rare.

However, do note that some carriers (e.g. Verizon) would sometimes lock the feature behind certain restrictions, like you need to have the carrier's SIM, or you need to have a payment plan with tethering enabled.