Flux Overdrive bonus stacks additively with other status mods equipped, similar to how dual stat mods work.
While the mod is generally not effective as increasing the status chance with dual stat mods equipped offers minimal bonuses. It does work well when modding with two or fewer elemental mods, where the player wants to maximize the chance for slash or a specific elemental proc without adding other elementals that take away from the chance of their preferred elementals from proccing.
As an example, modding for Corrosive DamageCorrosive damage with two dual stat mods and adding Primed Bane of GrineerPrimed Bane of Grineer with this mod will give the weapon over 90% status chance, enough to proc one status every damage tick. Due to the weapon only having corrosive damage, the Slash DamageSlash procs will occur fairly often and due to the bane mod, they will inflict more damage. This build allows for the weapon to function better against armored enemies due to slash procs not having their damage mitigated by armor.