Will making a network folder "Always available offline" increase file access speed?

Will making a network folder "Always available offline" increase file access speed? In Windows 7 (though I imagine it would apply to most modern Windowses) if I set a network share to be available offline, will Windows prefer to use a local version (assuming it is up to date) when I am connected to that network?
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Guest [Entry]

"You can enable Transparent Caching to define the round trip delay before Windows will use the local copy on a read.

Normally, Windows will use the network copy unless you go offline.

There is a TechNet article on Windows 7 File Sharing and Offline Files Enhancements."