Not very likely but you also have to be careful what you call devices.
The cable coming from the ISP is not likely ethernet. Ethernet can only go 100 meters and I doubt you live in the ISP office.
The purpose of a "modem" is to convert the cable coming from the ISP to ethernet. The cable does not look like ethernet cables. Most times for fast connection it is either a coax cable or a fiber. Old style phonelines used on DSL kinda looked similar to ethernet but you will get nowhere close to gigabit speeds.
I also suspect the device you are calling a modem also has a router in it. The purpose of a router is to share the single IP you get from your ISP with your internal devices.
Now lets say you had a fiber connection and there is a box many times called a ONT in your house. This box does the same function as modem and converts the fiber to ethernet. You still can only plug 1 device into it. Even if you plug a switch into the ONT you will only have a single IP address only 1 device plugged into the switch will work. So you might get a pc to function but then your router will not get a IP and no other device connected to the router will work.
You are going to have to investigate further to determine what device you really have.
In general the cost to replace your hardware is going to be only a small part of your costs. The ISP like to charge a lot more money per month for gigabit internet connections.