No. The PS2 time crisis 2 & 3 are excellent though. It's time crisis 4 on ps3 emulator that sucks because you cannot disable the crosshair. This ruins any light gun game as you're no longer aiming and shooting but instead just moving a mouse pointer around.
I don't think it's an online game in the sense it checks online for permission to run. I think it's actually online in that the content, itself, is online.