Can I use previously owned Photoshop Elements 2018 without a Creative Cloud subscription?

I have been using a standalone, purchased on a DVD , version of Photoshop Elements 2018 on my old computer without a subscription since I bought it. The only way to install it on my new Windows 11 pc was to download Creative Cloud and pay for a subscription. Am I understanding correctly that, if I cancel my subsription, I won't be able to use my old version of Photoshop on my computer even though it is installed? I have no interest in uploading files to the cloud. I only want to store files locally.