Yes.
The "Creative Cloud" is a bit of a misnomer. The software is downloaded and installed to your local machine just as it was in the past, only the delivery service and subscription model has changed.
As long as you have an active subscription in good standing, the software functions. Basically it periodically checks with Adobe to verify your subscription is good, in order to "allow you in".
It is not "Cloud-Based Software".
If you happen to be offline when the software goes to check with Adobe, you'll need to connect, but otherwise, there's no need to be online (well, aside from using the Cloud storage, or other cloud bits of a full subscription).