The names and handles of the movie reflect this - Cereal Killer, Plague, Joey, Razor - all handles of local New York people. Phreak in a sense too. Some of the kids went to Stuyvesant high school, where scenes were filmed. The kid getting raided in his shower happened locally. The plant worker almost getting shot by a flare gun held by people trashing happened locally. As did other things.
Some other national things made it in, like the Hacker's manifesto written by an LoD member.
Some things were invented for the movie. There was no attractive 19 year old Angelina Jolie type hacking along with the boys as shown in the movie. These guys were not rollerblading through Manhattan together. There was no Cyberdelia nightclub everyone hung out at, although some of the guys might have gone together once in a while to the nightclubs popular at the time (The Tunnel /Limelight / Palladium / Club USA / Webster Hall).
LoD and MoD's heydays were more in the 1980s. By the first year or two of the 1990s, both were pretty much defunct, if my memory serves.
I was acquainted with several members of both groups, and I don't remember them really resembling the Hackers movies in appearance or personality. But I lost touch with them in about 1989-1990 or so, due to the next phase of my life kicking off.
However, Sneakers was also released at around the same time, and that really captured my imagination and had a real lasting impact on my life. Hackers was fun, but Sneakers was aspirational.
Great on the technicals and also a complete mind fuck.
There's a list of similar films at the bottom of https://telehack.com/telehack.html