Are we still able to do DIVE's even if it is TURNED ON?
I know that TURNING IT ON will prevent the aircraft from doing FLIPs.

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you are confusing altitude limit with bank limits. (Attitude)

altitude limit is under satefy, and if you set it at a 100m and fly in manual mode when you hit this altitude it will auto flip in to normal mode and break and you will get a red notification UAV flying to far or hight.

The max this limit can be set to is 500 meters (above take off point). If you want higher you need to get a certificate from  DJI.

The bank angle limit can be found under control and is only something for the controller 3. Where you have to option to be able to active manual mode there is also a limit option.

If you enable this limit you can only pitch or roll the quad a certain amount of degrees. So it's not possible to dive when it's on.

Do you mean M mode attitude limit? That will prevent you from doing dives, yes, as you typically do dives with drone being pitched more than 90 degrees forward.