No...I've never disconnected to the web,but I'm sure it's no...
No. But there are a number of features that will benefit by having a connection to the internet.
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As Steve points out, there are several modules in PrE, that need to be Activated, when first used. That Activation is usually totally seamless and transparent to the user. For those initial Activations, one does need to be connected to the Internet, but once all of those modules have been Activated, the only use for an Internet connection will be to Update the program, but that function can be done manually, by downloading any Updates with another computer, with an Internet connection, then just Copying that/those Update(s), Extracting any ZIP/7Z files, and installing them.