I watched this video, Complete Scene Production Workflow with iClone 7_Apr 7th, 2020 https://www.youtube.com/watch?v=6mMHYMLaIK8, and he says it's a good idea to bake the Substance PBR 200 Pack textures. I did not purchase this pack but downloaded textures from other 3d sites. Is it a good idea to bake those textures, as well? I could not find a way to bake those textures. Is there a way? The Bake Textures link in the video isn't available without purchasing the pack. I'm using iClone Version 7.7.3518.1.

But what have you downloaded from 3-rd party site? Substance comes as a single file with .sbsar extension.
When you apply a substance, configurable texture is generated on the fly. Once configured, you bake that texture permanently into the host object.

If you just downloaded and applied some static image based texture (in .png, jpg formats), it is already embedded/baked into the object by default.
There is no need to do anything else.

I watched the webinar too and he probably said "Substance materials", which is more accurate.

Like 4u2ges explains, the various texture maps (Diffuse, Bump, Metallic, etc.) are based on the settings in the Substance material and are dynamically calculated. Once satisfied you can save resources by "baking" the textures, i.e., make them permanent.

Another way to save resources that was mentioned is sharing the same texture if it is used on multiple surfaces, so that only one copy is needed.

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Thank you for this. That's what I needed to know, whether there was any need to bake your own textures. Yes the textures I used are jpg files.

Ah ha, I didn't realize that by using the eye dropper and the paint bucket you were sharing the texture. Thank you. My main concern was saving resources as you mentioned.