Yes for sure! As mentioned in my post it is eg when merging a group with another one you basically leave it now open or delete it. If the option to archive it you could have a last post telling people that this group is now closed and with a link to the new group.
URLs pointing to the group page would still be working and people are not getting a this group is deleted message leaving them in confusion.
Another use case is that we sometime want to archive a group because it's event related and then we re-open it when it's applicable again.