Yes, you can schedule overlapping meetings but cannot host them both at the same time.

If you attempt to run more than one meeting at a time, you will see an "Another Session Running" notification with an option to end the other session and being yours. To continue, select End Other Session. The organizer running the other session will be notified that their meeting has been ended.

If you are already in a meeting and need to leave without ending it for everyone, you can promote any attendee to be an organizer so the session can continue on without you while you switch to your session.

If your organization needs to host multiple sessions at the same time, then you can upgrade your plan to add additional organizer seats (these individuals would each get their own account with which they can schedule and host their own meetings ).