I don’t think so, unless you are able to create a symlink from the Library/CloudStorage folder to an external drive. I suspect there are some limitations related to this. But I haven’t tried this specific case. But on advice from Dropbox support I did try to symlink from Dropbox to ‘Dropbox (UniName)’ to avoid the space and parentheses in the folder name. This seemingly worked, but after weeks of syncing problems I capitulated and instead link in the other direction… (this isn’t solving the problem of space in the folder name that some software doesn’t like, but syncing now works at least)