For Cisco Engineers:
On an RV134W-A-K9 V01, Firmware 1.0.1.20:
When an internal (e.g. 192.168.1.100) NTP server is defined in the WebGUI under "Administration>Time Settings", and the WAN (Ethernet, DSL, and Mobile) are disconnected, the built in NTP Client will not send NTP (UDP 123) requests to the internal NTP Server. Only if the WAN is Layer 1 connected (doesn't need an IP address), will the NTP Client send NTP requests.