What does this mean?
It is an explanation of how things are implemented (at the back-end).
What does "hooked" mean?
The graphics unit can use different (graphic) back-ends, as such it is possible to replace existing (naive) implementation (if any) of those mentioned routines with another one (potential faster implementation because else why bother). It can be tailored especially for a specific back-end or graphics-mode to be able to reach optimal performance.
It is able to do so by declaring variables that points to the implemented procedure/function and therefor can be replaced with a custom implementation, see also
reference manual. The methodology of exposing such implementation that can be replaced by a custom one is known as hooking ("one sets a hook"). You could compare it with a callback routine or event in LCL.
The different video drivers (modes) are implemented in a similar fashion so that new drivers can be added in case wanted/required.
What are the "faster" routines?
Those that perform faster/quicker than the current implementation. If not they would be called "slower" routines

But on a more serious note, you could replace existing implementations by your own and that perform faster.