Does the text-to-speech work with no internet connection?
Yes, after first-run setup. The speech models run on your own hardware, so once the runtime is in place you can narrate with networking switched off entirely. Only that initial setup may need to download components, depending on your GPU.
Is there a limit on how much text I can narrate?
No. There is no per-character quota and no cap on book length, because nothing is metered by a server. The practical limits are your disk space and how long you are willing to let a render run.
How does this compare to free offline TTS tools?
Free local tools genuinely exist and are worth knowing about. Open-source projects such as Audiblez, abogen and ebook2audiobook narrate books on your own machine at no cost, and if you are at home with Python and a command line they are a solid choice. NarrationOS is a paid desktop app aimed at people who want a graphical interface with nothing to assemble by hand, and an editor for correcting pronunciation. If you never need to fix how a word is said, a free tool may be enough for you.