Yes, there's a feature called "Practice Run" that allows you to test out the webinar in advance, get comfortable with the software, etc. More information can be found on Zoom's Webinar Practice Session page.
For students, Cornell Zoom recordings can be created only in your local storage.
Faculty and staff who attend a meeting can create recordings in local storage if the host has given them that permission.
Faculty and staff who host a meeting can choose local or cloud storage for their recording.