Yes you can make changes on-line, what you don't have is the ability to test edits, so once the change is made, there's no quick return, you have to change back if necessary.
If you wanted the ability to test and return quick, then you would have to make your change in a different manner, like perhaps putting the changes in parallel with the existing and place a temp flag n/c in one branch and n/o in the othere and switch which branch runs by toggling the bit (you can do this where there is no coil).
If you did modify off-line, you would only need to download the changed block or blocks, you can also go on-line if the blocks are different and guess what, you can also compare the off-line block with the on-line block (each block indiviadually if you want) and the comparison is done within the Step 7 environment no external resources needed.
You don't need external programs to go on-line and it doesn't matter if the PLC program was written by an older version of Step 7, you newer version can be used no problem.
There are things in AB that are better than Siemens but there are also a lot of things better in Siemens.