And once you download the CC version, it lives on your computer and it will run without internet connectivity just like CS2,3,4,5,5.5, and 6 do today - the cloud is just a way to eliminate the disks and get you updates faster -I have always been one to have the disks physically present in my desk drawer like you but imho the only one you need to have around now is a good system disk so if your computer does have a hard crash you can install a new hard drive and be off the the races in a reasonable amount of time - and if that happed you would still need the internet for system updates to your basic system disk to bring it up to the version you find most stable, i.e. OS 10.6.8 in my case.
just my 2 cents worth.