I don't think so.
If you must be connected to the internet to use it, it is not "stand alone."
HT asked if it was stand-alone, with its own icon. As opposed to being a website accessed through a standard web browser. I answered correctly that it is.
Your issue is different; it touches on the location of the data. You correctly note that an internet connection is necessary. While Google Earth can be augmented with the user's own locally stored data, the data provided by Google are all stored on and accessed through the internet.