No. Once a computer is using virtual applications deployed in this way it can not longer 'switch' back to streaming mode. By 'switch' I mean run in mixed-mode or easily go back to streamed mode. The client will either work in machine context offline mode, or server based streaming mode; it will involve several steps to change the client back to streaming mode, including removing the v-applications deployed from an MSI package.
The new offline capability is not just the MSI Utility, it is also an update to the SoftGrid client.