The simple answer is, yes, you can build a WordPress site without hosting. WordPress has two different versions, WordPress.org and a free version called WordPress.com where you can build a website without having to host it yourself.
Static websites can be viewed without a server, locally, simply by opening them up in a web browser, and you can do whole big websites this way if you want. But there are limitations and drawbacks, which is why people and systems use local servers for static websites.