Big Maschine fan here, too...
The answer to whether you can add/edit overdubs in real time is both yes
and no. If you play MIDI notes in real-time into Sonar, the answer is no.
However, if you use the Smart Tool or Pencil Tool to enter notes in the Piano Roll view or a track's inline PRV, then you can basically do anything you want while in record mode - create notes, delete them, quantize, change velocity, ctrl-drag to copy, etc. You need to be in Sound on Sound mode to do this.
When Sonar receives MIDI in from a MIDI input, it will dutifully place that on a new track. However as long as you're not sending something into a MIDI in, Sonar will just keep looping the same section over and over and you can do whatever you want with it. You can even enable and disable MIDI plug-ins as well as edit their parameters, although you can't insert or delete the plug-ins while recording. All the notes end up in the same MIDI track because new tracks aren't created when using this step entry approach.
Note that any changes from editing processes (other than the ones you do manually) won't occur until the next loop. For example if you set quantize halfway through a loop, the second half will not be quantized. But when the loop returns back to the beginning, then the quantizing will take effect.
I realize this takes the fun out of using a controller like Maschine, but many times I find this technique h to be fast and flexible.