Yes, but only to a small extent.
Lightroom Mobile is an add-on to the desktop system. LR-M will temporarily hold your images while waiting to upload them to the desktop. The version of the images LR-M uses are scaled-down smart previews. The amount and types of editing you can do in LR-M are limited.
Is it possible to edit RAW files with the Adobe cc trial version or is that only an option after an agreed subscription?
You need a desktop or laptop "proper" computer (that's not a judgement!) to process any Raw files with Lightroom: Lr Mobile relies on Smart Previews generated in the "full" Lr and synced to the Mobile app.
But yes, the trial desktop/laptop version of Lr is fully functional.