Hi @Sandeep_Danny95 ,
These are two separate product integrations and are not designed the same way.
As you mentioned, AEM Guides could let you open a file in FrameMaker. On the other hand, the Illustrator integration is designed not to open the file in AEM but in Illustrator Application using Adobe Asset Link Integration. The idea is that the designers and creative agencies are able to checkout assets from AEM Assets for editing and collaboration and check back into AEM.
https://experienceleague.adobe.com/en/docs/experience-manager-learn/assets/creative-workflows/adobe-asset-link#:~:text=Adobe%20Asset%20Link%20authentication%20with,standard%20AEM%20Token%20Authentication%20Handler.
To simply answer your question, No, there is no such integration for Illustrator. Also from the best practices perspective, Asset Link is the best practices because it helps manage the synchronization issues among different creative suite products, multiple users etc.
Please let me know if you have further questions, our team did this integration for Photoshop and InDesign; Illustrator should be on the same lines.
I hope it helps.
Thanks!