I'm part of one group of friends who do a 'dinner plus book club' thing.
People either cook, or they buy in a takeaway. Some of us love cooking up & serving supper, others just order & pay for takeaway. Everyone covers the costs of feeding the group when they host.
I'm in another, older book club where we've explicitly banned catering, to avoid people being put off offering to host - we nipped in the bud a spot of competitive buffet offering, & actually the other 'dinner & books club' is the resulting spin off solution. We meet at 8pm so everyone's had a chance to eat beforehand - bowls of crisps, nuts etc are standard.
With another group of mates - we are neighbours - it's usually 'so, drinks & takeaway at Corvus/whoever's?' & we will all pay our way. Quite often everyone's 3 drinks in by the time the takeaway arrives so we split equally rather than poring over the bill.
Equally, if one of us invites the others to dinner, they do food, guests bring copious quantities of booze, & it all balances out over time.
So I don't think there is one answer.
But FWIW, my friends & I are all 45+ & mostly quite comfortably off, so it's not going to be a huge issue. People might chunter, but these days no one is going to be left skint whatever the arrangements.
At 25 it would absolutely have been different expectations. Takeaway costs were split, & dinner parties were very much 'bring a dish to share' back then.