Yes, but not currently with looping. You can use auto punch to automatically enable and disable recording over a specific section of a track. For instance, you can play a song from the beginning, have auto punch enable recording for only the second measure, then disable recording and continue to play the rest of the song.
It would be nice to have auto punch and loop record working together so that you can loop a larger section of a song and only auto punch over a smaller section of the loop.