. . . . if the overhead wire is the live wire, and the neutral wire is the track, then wouldn't that make the track as 'hot' as the overhead line?
. . . AC requires 2 wires to provide the full cycle.
Yes, AC (as well as DC) requires a minimum of 2 conductors between the power source and the power load, and yes, they 'alternate' between each other in terms of which conductor is positive and which is negative, but (and this is the crucial bit) all of this is simply a description of the circuit in isolation. There is no risk to a person from such a circuit until they make contact with 2 parts of the circuit which are at different voltages. In practice, any one part of the circuit can, by design or accident, be connected to earth without changing the behaviour of the circuit. In some circuits, one of the 2 conductors will actually be replaced by an earth connection. When this is done by design, then as much current will be returned via the earth as is delivered by the 'hot' conductor. But there is negligible hazard as the risk to life would require contact between the high current carrying earth and some other surface which isn't at the same voltage, and as the earth or railway track are good conductors, then they will all be at the same potential (or voltage).
I hesitate, however, so say your proposition is wrong, as there is acually a hazard in the case of high voltage systems such as power distribution and overhead power on the railways, as there is always going to be some finite resistance along any conductor (including the earth), and as a consequence, there will be a voltage drop along the conductor. In extreme cases of high currents and high voltages, then we should expect that any part of the circuit may be at a voltage relative to earth, and it will be where return currents pass through long lengths of rail, cable and bondings.
It is the bonding of exposed return conductors to earth at various points that minimises the risk to persons.
Importantly, is the arrangement of dealing with faults by using the earth as a high capacity retun path to the source which will force a fuse or circuit breaker to detect the excessive current and disconnect the circuit. By design, this means that even 'earthed' surfaces should be allowed to reach high voltages briefly, without hazard to persons, which is one reason why even return circuit conductors which are referred to earth will be installed with insulation. (But there are a few different earthing arrangements in electrical supplies, with different risks and benefits).
So while railway track will not be as 'hot' as the 'live' conductor, it should always be treated as if it might be at a dangerous voltage.