I think you’ll find the definitive answer to be “no”. WaveLab Elements can run without the USB eLicenser via the Soft-eLicenser but not Pro.
I agree that it’s not a great idea to have even the demo of WaveLab Pro require a dongle. I’ve known this to prevent users from even trying the demo.
I’m not anti-dongle but this is a reality in 2019. People want instant and easy access. Usually when I’m on my laptop and I receive some potential files to master, I have to open them in RX to analyze them and make sure all is good, but would prefer to do it in WaveLab Pro.