Yes, but, according to William Devereux, ON 2019 won't have local data store. I mean it will, but it won't. It'll have a local cache, but not a local save storage option. The point I hear Krzysztof Pałuszyński making is that corporate firewalls prevent OneDrive access which will ring in the death knell for
OneNote (the online only version).
I read MS strategy as attempting to 'encourage' corporate to open their firewalls to OneDrive, with ON as a reward (as in Pavlov Dog like conditioning).
I think they've missed the boat though. I forecast that the whole cloud space past its peak support a year or so ago and that issues of privacy and tech company ethics will continue to undermine cloud growth. With a ceiling on cloud growth the notion of 'online only' will lose appeal. But hey, these are views from the cheap seats :-)