Or do we have to power off the device first ?
pretty sure you have to power off first.
The ext module connection is two usb ports, power, and a bunch of gpio. None of those prevent hot swapping in theory.
However I would guess the edge connector on it is not designed for hot swapping and might create issues in common hot swap scenarios - like momentarily misaligned pins when changing cards - which could lead to damage of both the module and console.
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I agree most equipment that is hot swap-able uses buffer chips to protect the sensitive hardware from cross connection and voltage spikes.