No. Prey needs to connect to internet and so laptop must be on and connected to the internet for you to get details.
Try to set it up in a way that allows limited access to the laptop (like set an admin user with password and a limited/guest user with no password). That way you can ensure limited access to your computer and you can monitor it.
Also, password protect your BIOS for the configuration utility only (not for boot) and force the laptop to boot only from Hard Disk. This should help prevent format or prey uninstall.