I think she is not(at least not by me), it's not like anybody expects her to win tournaments and climb in top 50 or something like that..
Though she could be top 20 in doubles if she had a good partner and played them more
Overrated? I don't think so. She's not hyped or something, but her results are OK, really. There are only few girls amongst her peers who have had better results and some of those girls (Stephens, Robson, Mladenovic) are in much better position, because they get more support, money, WCs etc. Aleksandra is doing really fine IMO. She doesn't have a big serve or some big weapon that would help her improve the ranking very fast, but she gets better every year.
I agree, all her results have been solid, with constant progress, up until last year, just like her Fed cup teammate Jovanovski. I think Đoković and Tipsarević ruined the balance in serbian tennis, so all of our girls did poorly last year because of that