GrievingTurkey78 yes, you are correct on both.

Will the sweep functionality work?

Yes it should, that said, it will not use the trains-agent so you are limited to the machine running the sweep.
If you want to do HPO on multi-node, checkout this example 🙂
https://github.com/allegroai/trains/blob/master/examples/optimization/hyper-parameter-optimization/hyper_parameter_optimizer.py