If you say what you’re trying to actually achieve I can help with a solution, but asking if it supports an arbitrary feature is not going to get the answer you want because depending on what you’re actually using an archive table for, Postgres might have something already built in but it will almost assuredly not be exactly like an archive table storage type.
Saying that REPLACE is non-destructive is a bit weird. Overwriting data is destructive, by definition -- and even if ARCHIVE is append-only underneath, it seems this use of REPLACE is very much a "logical overwrite", as there doesn't seem to be any kind of time travel view of the old state.
Also, you might be interested in Parquet, perhaps as seen through Delta Lake https://delta.io/ or Postgres Foreign Data Wrappers like https://github.com/adjust/parquet_fdw -- Delta Lake's simple "LSM of Parquet files in an object store" design is pretty sweet.
