Overclocking the i7 on an air cooler isn't the issue, it's more a matter of which air cooler. The 212 evo is a good cooler for the price but it has its limitations and is still a budget cooler with 4 heat pipes, a single tower and single fan. Larger air coolers with bigger towers that feature more heat pipes, more cooling fins, a dual tower design and multiple fans greatly increases the cooling capability.
For higher overclocks you might need a larger cooler like a noctua nh-d14, cryorig r1, phanteks tc14pe, dark rock pro 3 or something along those lines.
Another thing to consider is how is it overclocked? Manually in the bios or by clicking 'turbo' or some other similar auto overclocking mode in the bios? If auto overclocked it's possible that the motherboard setting uses an aggressive vcore (higher than needed core voltage) value in an attempt to improve stability since each chip overclocks a little differently. Manually setting the multiplier and vcore along with stress/stability testing can often times give the same overclock but with a lower core voltage which reduces heat.
So long as it's stable and doesn't crash under load, 4.6ghz using a core voltage of 1.36v doesn't make it any faster than the same stable 4.6ghz using 1.29v. It just makes the identical 4.6ghz run hotter. Keep in mind those are just random vcore values I used as an example.