As per Judd Cobler, EHG CEO and LE Game Director, yes you will be able to play Cycle content in the offline mode, albeit with some minor differences between online and offline being possible.
July 22, 2023
Reddit_User: Cycle content is going to be rolled out across online and offline at the same exact time, it will be effectively identical sans trading, partying, and leaderboards.
Judd: Confirming this is true. In addition there may be a few small differences, like newly introduced pinnacle bosses won’t be accessible in offline till killed once in online mode so that offline modified characters don’t trivialize finding a strategy for the online realm. But you’ll get to play Cycles in offline mode
Source: Reddit Link
