Does something like this exist in Blender:
It is a UI related thing for showing overlapping, naked edges so you can more easily indicate them. It should appear when you split an edge loop, for example.
No. There’s a tool that lets you select such geometry (Select -> Select All By Trait -> Non-Manifold), but there’s no special highlighting. Because it’s only almost 2021 
In that case, see this proposal I made on rightclickselect: https://blender.community/c/rightclickselect/DGgbbc/
You could’ve just searched, there are at least two there already 
Sometimes they do or do not pop-up on a searchengine vs rightclickselect’s search…
E: Still didn’t find any tbh.