My ISP provided modem/router combo (Home Hub 3000 from Bell Canada) does not have a firewall setting, is this an issue for all of the devices on my network? Or is the router doing some packet filtering or something along those lines without me knowing? If anyone has this or any other Bell modem/router and is knowledgeable about the topic that would be greatly appreciated.
I had that exact same modem. I don't see any issues with not having a firewall unless you're trying to actively block outgoing connections to some domains. Incoming connections are already going nowhere by default because of the NAT: the modem gets the public IP, and unless there's a forwarding rule to send it to a local device, it acts as a defacto block all incoming firewall (unless you enable DMZ of course, or the passthrough option to use your own router).
I think it's a fairly decent modem/small router overall. Unlike some other brands, it doesn't bother with implementing a million features almost nobody uses that could cause instability. It routes, it forwards, it WiFi's, that's what 99% of the people need and want. Unlike other "try to do too much" routers I've had, this one's been rock solid and delivered the advertised speeds.
Basically, it gives you Internet without interfering with it, and you're free to add whatever you need yourself if you so desire to. But for most cases, it's fine.