You are correct, with one caveat.
You need to set up the camera, get it working, and configure for recording ‘events’ to the SDcard on the weekend, while you have WiFi. The camera will then happily record ‘events’ to the SDcard, even after the WiFi disappears at the end of the weekend. When internet connectivity is restored (i.e., when your weekend WiFi comes back on, you’ll be able to access the camera remotely, and view whatever ‘events’ were recorded to the SDcard during the week. Needless to say, during the week, since the camera has no internet connection, it won’t be able to send any 12-second clips to the WyzeCloud, nor send you notifications about ‘events’ that were detected.
The caveat - if the camera should lose power during the week, it will stop recording, and will not resume recording until the weekend when it is again able to access the internet. When these cameras boot up, they require an internet connection to WyzeHQ in order to start up.
If the power grid at your vacation place is problematic, you could consider powering the camera from a UPS in order to maintain power during brief outages.
Some more information about 'off-line recording is here: