Is this possible?
I try to, but overbridge is not loud enough, and I still hear the analog output of the synth (next to the overbridge sound), and much louder.
Latency is very good
What’s your setup? I use an A4 with Overbridge input, using my audio interface as output only so if that’s what you want to do, it’s definitely possible. How do you route A4 audio and what are your Overbridge Control Panel settings? If the output is not loud enough, you can set the USB audio gain in the Global menu, under Audio routing.
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I do something similar with my Digitakt as the audio interface. But it does require another audio interface, which is unfortunate. I asked one of Elektron’s repair technicians about muting the A4’s audio internally and only listen to what’s coming in from over USB, and he confirmed that it’s not possible 
You can get all A4 tracks separate + fx + main with OB without needing a soundcard indeed.
What is it that you want to achieve exactly?
Best thing is to keep the tracks that don’t need FX out of the main, and record them separately. Bass and kick for instance.
If you use FX a lot then you’ll end needing the Main out only.
You can use your DAW to pilot some automations, it can go pretty wild.
Okay, now I think I understand your problem: if you send the output of the A4 to your DAW through USB then it cannot be routed back to the device because you will hear it alongside the original (analog) output. Is that right? Doesn’t the master volume knob mutes all the tracks turned all the way down?