Earlier quoted context omitted.
Then you will not be able to access some of the features that is advertised for the hardware you bought (like shadowplay).
Doesn't this at least make some sense? ShadowPlay is literally for recording and sharing video. If you don't want Nvidia to record you... It sounds like you don't want shadowplay either.
No, it doesn't make sense. Why do you need an internet connection in order for your graphics card to record video? Even if it's inherently networked, NASes exist and don't need Nvidia's servers.