The master meter shows digital full scale in fixed point, the channel meters show floating point calculation, so - yes it is possible and exactly how it is supposed to be.
If your master shows 0 dB FS consider it as clipped.
It means that YOU (as you sit in front of your screen) are doing something wrong.
dB is NOT a unit. It is a ratio between to values. 0dbFS means dB full scale. It compares your input against the maximum possible value that is digitally possible (if you have 8bit, your value can’t be greater than 255). If you have a dbFS > 0 then that means that this value cannot be mapped to your 8bit or whatever resolution you use and will become distorted when you export to a file.
There’re other comparison values. Check this list on wikipedia: Decibel - Wikipedia
Within your track channels you cannot “clip” because they don’t have a fixed resolution as your output channel (technically they have but it’s a lot higher)
Now Is clear.
I probably didn’t explain myself well.
I use Cubase from 8.0 version and if the Total signal is higher than 0db the master Meter sign It correctly.
With a limiter in insert, in bypass mode the effect Is how in attachment JPEG.