Billy Buck
Yes, that would be a great feature in SONAR. In REAPER, instead of "live" it is referred to as "dynamic" PDC. Not only are the plug-in delay latency values view-able and updated on the fly during playback, but this dynamic aspect allows uninterrupted project playback as you add sample delay inducing plug-ins on the fly. In SONAR, this can cause a slight gap (glitch) in playback as SONAR resets it's PDC each time you add/delete a plug-in that has a sample delay. Although to Cakewalks credit, the latest versions of SONAR have improved so this gap/glitch is much less noticeable than it was years ago.
Cheers,
Billy Buck
Although in the case where there currently are no plugins adding delay, and you then add one that does add delay, I don't think you can get away without hearing some sort of glitch. Unless the host somehow does the transition by doing some fancy time stretching for a brief moment to smooth it out all other tracks, but that seems like overkill. It can hide the removal of a plugin by simply continuing to use the same delay until the next time you stop playback.
Alternatively another way can be if the host introduces some high-ish amount of delay upfront regardless of current plugins, so that any plugin added during playback won't require the overall project delay to be altered.