My understanding is that collections group together similar elements: don't objects/classes do this as well? Could anything done by a collection then just be done by designing a custom class/object?
Some collections are required to contain data elements of the same type, so from that you could say the elements are similar. But classes are designed to describe things or perform functions that may contain many dissimilar elements, like several different data types. In that way, collections can be very different from other classes. And, no, I don't think ANYTHING can be done by an existing collection that COULD BE DONE by a custom class.