No, it originally started as standalone apps with licenses you could purchase for each platform (at that time it was mainly Mac, and a poorer alternative on Windows). You could decide where to store the encrypted password file(s) and sync them however you wanted. You could choose to upgrade to a new version, or not.

Then it changed to the subscription model and a move to storing the passwords on the cloud. At the same time, the company also hid the standalone license option from all the main and help pages where one would look for it (and it required asking in the forums to get a link).

There’s a lot to write about how the company built a good reputation in the beginning and then worked very hard to dig itself deep underground.