Possible, maybe even likely, but not as certain as you're making it sound..
The sensor is located in the overflow bottle.
Sounds like any one of the following:
- Major air bubble in system creating hotspot/steam flash over (see below).
- Obstructed/kinked hose or obstructed radiator.
- Bad thermostat.
- Bad H20 pump.
- Blown head gasket.
- Cracked/warped head.
It's a simple system. Water flows through the block and picks up heat, passes through the radiator and sheds it. A thermostat controls when it happens, a water pump provides the motion, the cap relieves pressure if it gets too high. Works just about the same on any car. So look at the system from that perspective.
If the water isn't circulating, or if there's an air bubble, you'll get a hot spot. Coolant will flash over into steam in that location, causing a sudden pressure increase as the water expands into steam. This blows coolant into the overflow bottle, which in turn blows it out on the street.
Unfortunately, the last two items in the list above will have very similar symptoms, as the effect is usually that one or more cylinders will be pushing the compression stroke into the water jacket, causing a system overpressure. This also blows coolant out the overflow, etc, etc.
Stop running the car and locate the problem.