Pretty sure it does. Likely it is always on. All overdrive really is, is just a low ratio final gear for cruising speed. There isn't really a good reason to turn it off on modern cars.
Yes. Using the "D" position allows use of the overdrive 4th gear in the automatic transmission. The 5th gear on the manual transmission is also an overdrive.
Overdrive is a transmission ratio that is higher (numerically lower) than 1:1.
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