Yes, "lan mode" is an officially supported advertised feature, where you can happily print on an isolated network. (though as of this morning it now sounds like they're backing off after public backlash)
Leading to obvious speculation as to why they have stuck themselves processing megabyte g-code streams between your desktop and the printer on the same network...
But since cloud use is optional anyone with the security/reliability/longevity concerns just don't have to use it.
Personally I don't see the cloud stuff as providing any value at all though I know people whose kids print stuff from their makerworld site via their phone app that consider it useful.