Yes, you can copy the meeting. However, remember to customise the title and description and to make your own reservations. If you choose the same date, you probably won't be able to sit at the same table as the other group, as it will still be two individual meetings.
To use a meeting as a template you have to tap on "More" at the top of the meeting you want to use as a template - you then have the option to select "Use meeting as template". If you use a meeting as a template, everything is copied. But you always have the possibility to adapt and individualise the description, meeting place, time etc. according to your wishes.