Generally Blynk IoT works best when online and talking to all it’s components (APP ↔ SERVER ↔ HARDWARE), however there are ways of coding “offline” hardware operation and even reconnection with different commands, but they do seem best suited for the ESP/WiFi device and connection types.
But as long as the sketch is not stuck at the “trying to connect” state then yes, all timers and loops in your sketch will keep working.
Unfortunately that <Preformatted Text> button method doesn’t always display C++ code in a clean and properly highlighted way, thus the three backticks and initial “cpp” method at the beginning, followed by three more backticks at the end, ensures proper visuals… as directed in the initial Welcome Topic, that most people ignore the first time and never see again 