Hi. The short answer is yes. Kind of. You can use iCloud by indexing your stuff.
The long answer is: be careful with it. I had great success with this method when using a single device. However, when I added a second computer into the mix, things got messy very quickly, and I am no longer doing this. The problem is that there was a lag while my cloud service (SpiderOak) synced files. It was sometimes only a tiny lag, but enough to cause trouble. At least, that is my understanding of what went wrong. Groups and files were duplicated, data went missing (newly updated files overwritten by older ones?), and DT was throwing errors. This isn’t a problem with DT – it was working fine before the second computer came along, and it is working fine now that I import/put my local sync store on a thumb drive. But, the more complexity you put into a workflow, I guess the more things can go wrong.
As mentioned already, do not put your database or local sync store into the cloud. I recommend exporting your files there occasionally, though, to keep a backup on hand and have the files available through another method (from iOS or Windows, for example).