Good question, Ed7789 gave as good an answer as I can find.
Just an opinion, It seems like it would since you can use the esim function when you’re in the USA. My only concern would be of any geographic regulatory issues. IPhones made for the USA versus the EU (or individual countries within) may have variations to conform to different regulatory requirements. I think it unlikely yet the USA big 3 carriers could be in or eventually end up in a position to not activate an iPhone made for the EU. Again I think it unlikely but certainly within the realm of possible. In that case as long as you’re near WiFi you don’t necessarily need a cellular connection
