Reply To: Layers for a Manual

Correct: a text frame and all that's inside it is on a separate layer. That includes anchored objects (as these are anchored inside the text).

An alternative could be to put the graphics on a layer of their own, using Text Wrap to have the text, erm, wrapped around them. It might well be worth the trouble of re-doing what you have now; it's how I did a brochure in English, French, Polish, Russian, Spanish … and a dozen more languages.

What you describe can be achieved with Conditional Text (CS4 and, presumably, newer versions), as this can effectively remove and show any text immediately. But it's more meant for tiny changes from one text to another, not the entire contents of a frame. I have no doubt it would work, but using layers is so much more indicated here …