There is certainly an overdub feature in the
midi side of Studio One however audio behaves a bit differently. You cannot hear the previous recording in Studio One while over dubbing. If you are wanting to say record the first part of a tune and then stop and then go back, hear what have done and then continue on, at present you cannot do this in Studio One on audio tracks.
However there is a workaround though which I have worked out and I am happy to post it if interested. It does involve multiple tracks but it is super fast and very similar to overdubbing on a single track.
V4 is not far away though and true overdub feature on audio tracks may be included.