For roms, no internet doesn't mean no network, so if you have a switch or a router (or event with a direct cable) you will be able to copy roms through CIFS, and do SSH.
Moreover, you can simply transfer roms with a USB stick too, see here : https://github.com/retropie/retropie-setup/wiki/Transferring-Roms
Regarding updates, there is indeed no simple way to update retropie without an internet connection.
And don't forget your cell phone Wifi Access Point feature ;)