Does the IDE display the current Procedure or Function that the cursor is inside of? If I search for myVariable is there any way to know (without having to scroll up) which function I landed inside of?
If it is not native are there any plugins that support this feature?
This functionality is not available in the IDE itself.
The an open-source CNPack Wizards have this functionality. See the images below, particularly the highlighted areas of the toolbar and code editor window. (Image from Delphi 2007 IDE, but CNWizards support later versions of Delphi up to and including XE5.)

It works with code that contains procedural (non-OOP) code as well. Here are two captures of separate procedural functions/procedures, with the relevant portions of the toolbar and code editor highlighted:

Castalia has this feature, among other things.
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