I don’t think so, unless you are able to create a symlink from the Library/CloudStorage folder to an external drive. I suspect there are some limitations related to this. But I haven’t tried this specific case. But on advice from Dropbox support I did try to symlink from Dropbox to ‘Dropbox (UniName)’ to avoid the space and parentheses in the folder name. This seemingly worked, but after weeks of syncing problems I capitulated and instead link in the other direction… (this isn’t solving the problem of space in the folder name that some software doesn’t like, but syncing now works at least)
(I suspect it will as a folder is a folder as far as the OS is concerned, but I haven't tinkered much with symlinks).