Not really.
With the Cabinet OFF in the rig you have FRFR mode (intended for acoustic guitar or Bass). However, I seem to recall Burkhard saying something about there being an artifact from the cabmaker algorithm that stops the bypass working completely so there is always a slight touch of overlap between them. In this case the cabinet block can still colour the sound slightly but it is a marginal effect and the overall sound is still closer to FRFR than a speaker.
You can test it by setting the looper to Input (system menu) and recording a phrase. With this playing you can turn the Cabinet Section On/Off and change Imprints in each state.
You will hear that the imprints work as expected when the Cabinet Block is active and the Cabinet Off is engaged in the Kone menu.
When the Cabinet Block is active and Cabinet Off is Disabled in Kone menu you get FRFR full studio profile including the Cabinet Block.
When Cabinet Block is inactive and Cabinet Off is Enabled you get FRFR with no Imprint but there is still a little bit of the profile cabinet due to the way the Cabinet Block estimates where the amp ends and speaker begins. Changing Imprint here has little or no effect depending on the rig.
In all cases they basically sound like an amp/pedal straight into a desk with no speaker but some are less offensive than others.