If when you say real time you mean as the material is being recorded, then yes. Just like tape where the audio in is printed to tape/track immediately.
In Sonar a real time bounce means that if the material is 2:34 secs then the bounce will take 2:34 secs.
Bouncing is done when processing of fx or soft synth to audio, or combining a number of tracks to a new track
Busses don't actually contain any audio. They exist for summing audio streams, adding fx all of which can be monitored and/or bounced to new tracks.