If I remember correctly that used to be possible in an ancient Houdini version, but sadly enough for some reason they removed that feature.
You can however with the modeler plugin, it has a "SubD Isolines" feature that does just that. You can use it only for previewing though, not while modeling.
If you do a lot of modeling in Houdini, Modeler for Houdini is really worth checking out, it will speed up the workflow a lot and makes modeling in Houdini less frustrating.
https://www.youtube.com/watch?v=SDit_UytLfI [
www.youtube.com]