Can I adjust the tension just like with regular laces?

Not quite.

Because the elastic lace is thin and round, the tension in the lacing sort of “evens” out. That is, if you like to make one section of your laces tighter than another, these won’t do that well.

But since the laces are elastic, you may find that cinching the entire lace a bit more than usual actually works just right. The overall tension will be good, and the elastic will give when you need it to.