With SDL Trados Studio 2021 and Trados Live, you also have the ability to create a 'Local Project'.
When doing so, please note, that this cannot be opened or worked on 'In the Cloud' or Online Editor.
From the Projects View- Select New Project -Local project
Select your project folder
Select required Translation Memories (local) and Machine Translation provider(s) as required
Select Termbase(s) provider(s) as required
And Finish.
The option of opening in the cloud is disabled.