Nope, and you don't lose anything that's not exclusive to the Bambu Handy app, which I believe is just manual object cancellation right now. Bambu Studio, their slicing suite for Linux, Mac, and Windows on their GitHub, can add printer in LAN Only mode.
I felt pretty strongly about not wanting cloud options, but just look at their documentation across their site, videos, and wiki. They're the opposite of that evil, dark pattern, gaslighting, contemptible shit we associate with SV tech today. They let their products do the talking, which makes it clear how much they believe in what they're building.
I cancelled my P1S Combo order because of the cloud incident, checked with colleagues with Bambus whether they were affected, and after realizing I probably fell for a little anti-Sino propaganda, bought an X1C.
I can say this with a decade of printing experience, but it's everything I imagined 3D printing would be when I first got into it. Today, we've got Ultimakers with Material Stations, every model of Creality, and the Bambus are just really thoughtful, well designed and engineered products that happen to blow everything else out of the water. It's hard not to be excited about.