Offline SCM isn't supported at all. The best you can get is seeing the last comparison in Pending Changes of your workspace to your flow target. Although, Pending Changes can show you files that have been edited or what it lasts knows to be checked-in, you can't perform any operations on your repository workspace. Even a compare of your current changes requires fetching the previous state from the server to show you the changes you made to the file.

However, Eclipse has a local file history. You can revert to previous states that it caches. Also, you can theoretically run a server locally and use distributed SCM. I don't know how well that would work running a server on the same machine as your development environment. It would depend on the specs of your laptop. Your server would also have to be the same version as your main server for compatibility. Initial replication of data to your server may take a while if you have a lot of changes stored in SCM. Most of your development can be seamless if you make it that far.