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In this work, we perform a comparative study of the magnetization behavior of four series of compounds R₂Fe₁₄B and their hydrides R₂Fe₁₄BH_5.5, and the compositions (Nd_0.5R_0.5)₂Fe₁₄B and their hydrides (Nd_0.5R´_0.5)₂Fe₁₄BH_5.5 with R and R´ = Ho, Er, and Tm. The magnetization is measured in pulsed magnetic fields up to 58 T and in megagauss fields up to 135 T at 5 K. The first and second critical fields of the field-induced transitions, H_c1 and H_c2 were estimated analytically and the results were verified against experimental data. We find that hydrogenation of R₂Fe₁₄B and (Nd_0.5R´_0.5)₂Fe₁₄B reduces drastically the H_c1 and H_c2 values and, as a consequence, the intersublattice R–Fe exchange interaction parameter λ.