Ya, the same would be true with this plugin. If a page is eligible to be cached, it’s able to be served without contacting the origin server, so for an end user, they would still be able to view the cached version of the site even if the origin server was down.
It’s not a particularly great way to hedge against server issues (better to solve the server issues), but it would allow for cached pages to be served even if the server is down (as long as it’s not longer than the cache time you set).
That being said, yes… a page would potentially be fast and available to end users if the site was down because it’s being served from Cloudflare’s edge without the need to make a request to the site’s server (so the server only needs to be up if the cached version is expired).