yes but override will make sure it is always at max temperature and emersion heaters aren't really for hot water all the time. you meant to set them for like morning and evening and the rest of the day if there's any hot water left it just sits their slowly cooling down.
typically an immersion heater is only run a couple of hours a day not 24/7 on overdrive.
that's not how they are meant to be used and why your bill is so large.
assuming normal work times, an hour or 2 in the morning so you have water when you wake up and an hour or two in the evening when you are home.
overdrive is when you run out of hot water and want some more "fast" not just left on permanently.