This view, minus the Gnostic assumptions, is held today by two modern cults, the Jehovah’s Witnesses and all their splinter groups, and The Way International.
Arianism was one reaction to the orthodox doctrine of the Trinity. Another heresy in the theological stew of that time was the Sabellian, or modalist, view of the Three in One nature of God. The Trinity is a mystery and therefore generates attempts to solve the mystery. The Sabellians concluded that the Three Persons were simply three manifestations of One Person. At one time God is the Father, at another time He is the Son, and at another He is the Spirit. But this heresy says that God is not three Persons simultaneously. Modalism is held today by the United Pentecostals and is commonly called the "Jesus Only" doctrine. This is a denial of the Unity of God in favor of the Oneness of God. The Arians were at the other end by denying the Oneness of God in favor of the three. The Son and Holy Spirit were held by many Arians to be lesser deities, and hence, they ceased to be monotheistic.