Yes, EE has multiple Tracking tools, “Online User Tracking” is one of them - This feature allows you to show who is online, how many people are visiting at any given moment, and how many people have ever visited your site.
By defualt, "Online User Tracking" is enabled. Its a toggle-based sytem which can be further disable/enable from Control Panel.
To access "Online User Tracking", go to Admin > System Preferences > Tracking Preferences in your ExpressionEngine Admin area.
There you will find an option as "Enable Online User Tracking?" - You can determine whether tracking of online users is performed by the system. When you have this preference set to "Yes", a database update will be performed for each page load so that the user statistics can be tracked and stored.
Suspend ALL tracking when number of online visitors exceeds:Note: Online User Tracking must be enabled for this feature to work, or the information will not be available to ExpressionEngine to determine your site's traffic.If a value is provided for this setting, when the number of "online visitors" exceeds that value, all of the above tracking features will be temporarily disabled until the number of online visitors drops below the indicated value. Recommended values for this feature will vary based on your hosting environment. Check with your server administrator to discuss reasonable limits for your site.