The short answer is Yes.
When you select a track to be named you will get the generic "Track 1" "Track 2" etc etc - you just overwrite that with whatever name you wish.
The basic concept is that all the tracks are "virtual" and you can have up to 24 of them assigned to the channels for mixing etc at any one time. You could record 40 or 50 virtual tracks but you can only use up to 24 in the final mix
I would also suggest that if you intend to export any of your tracks to a PC then make a track sheet with the generic title and the name you have given the track: eg Track 1 = gtr, Track 2 = Bass etc. When you export the Neo reverts back to the generic names so you end up trying to remember what track contains what instrument.
HTH
Zeek