Certainly it does :-) & it's right where it's always been --
Word> Preferences - Edit, check the box for
Overtype mode. In that version of Word you can also click the
OVR button on the Status Bar to toggle it On/Off. Another option is to assign a keystroke to the command if you'd like.
Overtype mode has been pushed further into the background in the more recent Mac & Windows versions because of it being a bewildering intrusion for most users. In fact, very few of us old-timers continue to use it because of the significantly more accurate,
more efficient, more expedient options available. IMHO, toggling back & forth between Overtype & Insert modes is one of the most cumbersome ways to work, but if that's what you prefer it is still available.