yes, but you're going to want to be far enough away from the phone that the bluetooth isn't connected and the wifi certainly is.
The issue I have is that the phone will TRY to keep the bluetooth nearly at all costs and when I say 40-50 feet away, the throughput is really poor and slow and calls MAY work but the quality is hit or miss - just like if you're too far away from your phone with a bluetooth headset.
but, if you're too far and it connects over wifi then the quality is just fine.
sometimes if I know I'm going to be charging my phone and moving around a lot I'll just turn OFF the bluetooth for a while to make sure everything including calls comes to the watch while on the home or office LAN