Every version of Cubase including the light versions (at least since VST), plus every light version of Wavelab I’ve ever had, has this function. 
I’ve never seen an 8-track recorder, though I assume there must have been. As the cassette uses an endless loop technique, I’d imagine there would have been the danger of overrecording stuff.
You might actually be glad (count yer lucky stars) there weren’t back then or … well there was Super-8 - I’ve still got a complete home Super-8 studio complete with camera, title kit, editor, splicer, projector - the works…