Technically true, although you don't have to contend with the consistency or partitioning factors in the local disk case -- there's only one copy of the state. This means you can focus on making the availability factor as close to 1.0 as possible.

This may not be the case when you're forced to balance all three CAP factors. I sometimes wonder if a follow on result to CAP will be a "practical" (physical or information theoretic) limit like C x A x P <= 1-h for some constant h, and we'll just have to come to terms with that as computer scientists, as physics had to with dx x dp >= h. This is of course wildly unsubstantiated pessimism.

Also, I would gladly entertain any argument demolishing the "local disks are not subject to CAP" claim I made above by talking about read / write caches as separate copies of the local disk state.