Возможна. Доступ в интернет при этом требуется только для определенных сервисов:
Цитата:
Internet connectivity requirements
Finance + Operations doesn't require internet connectivity from user workstations. However, some features won't be available if there is no internet connectivity.
Browser client: An intranet scenario without internet connectivity is a design point for the on-premises deployment option. Some features that require cloud services won't be available, such as Help and Task guide libraries in Microsoft Dynamics Lifecycle Services (LCS).
Server: The AOS or Microsoft Azure Service Fabric tier must be able to communicate with LCS. The on-premises browser-based client doesn't require internet access.
Telemetry: Telemetry data might be lost if there are long interruptions in connectivity. Interruptions in connectivity to LCS don't affect the on-premises application functionality.
LCS: Connectivity to LCS is required for deployment, code deployment, and servicing operations.
https://docs.microsoft.com/en-us/dyn...k-requirements