If by "all constructions wiht HKTs", you mean what can be done with HKTs in Haskell, then I'd say yes. It is well-known that ML modules provide a very advanced level of expressiveness, especially since OCaml's introduction of first-class modules. Also, Scala took this idea further and provides principled recursive first-class modules (which Scala calls dependent object types).

The problem is that modules in ML have a verbose syntax and are clunky to use compared to type classes. OCaml's modular implicits aim to make this better (see https://arxiv.org/abs/1512.01895), taking inspiration from Sala's implicits.

I understand that making modules first-class gives them a lot of expressivity. But they are a fairly recent development" at least in OCaml the come much after Haskell. But are modules in MacQueen's sense first-class?