Hi @Guna Krishnamoorthy ,
Thank you for posting in this community.
Yes, you can create multiple SharePoint hubs for each department and connect them to the home intranet site with consistent global navigation and content roll-up. You can associate multiple hubs with each other to create a network of hubs that roll-up to each other to create connections and additional search scopes. When hubs are associated with each other, content can be searched for and displayed on hubs up to three levels of association. But it's impossible to maintain consistent permission levels.
You can refer to these article:
Planning your SharePoint hub sites
Associate a SharePoint hub site to another hub to connect search experiences
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