Solidity – Handling Integer Overflow in Solidity 0.8

With integer underflow/overflow throwing a panic error in Solidity >=0.8, would it be possible to write a conditional in an instance of that happening?

Example:

I want to add a constant type(uint256).max to the total in the case of an overflow.

uint total = 0;

function addProductToTotal(uint256 a, uint256 b) public returns (uint256 total) {
    uint256 product = a * b;

    // some pseudo-code as conditional
    (if product overflowed) ? total += type(uint256).max : total += product;

}

Or would it always throw a panic error on the transaction – so acting upon an overflow is not possible? If it does, would the best solution be using Solidity 0.7 or an unchecked block in 0.8?

Edit:
Changed "revert" to "throw a panic error".