Yes. Although the app wasn't intended to be used this way, it should work because there isn't a limit to the number of devices that can be logged in at one time. A couple of things to keep in mind:
Everyone will be able to see (and, actually, edit) everyone else's work. So... since you can't name individual canvases (only entire projects), you may want to make sure that your students identify their drawings on one of layers in their drawings.
Keep this link (http://assets.adobe.com) handy; it will enable you to check to make sure everyone's work is being backed up to Creative Cloud. You can log in with your Adobe ID and navigate to My Assets - Mobile Creations - Draw.
Please let me know (you can also write through the in-app feedback by tapping the Draw icon then Give Us Feedback) how it goes. I'd love to see some of the work.
Sue, thank so much for the reply! I will make sure to take pictures of us trying it out as well as the drawings.
Cool. I'd love to see them.