A: Functionally? No. It has all the tools (corridors, pressure networks, storm sewers). Legally? Yes.
A: You have a 1-year grace period after your last semester to convert to a commercial license or buy a subscription. After that, your Student Version files become read-only.
Keep school work on school license. Keep work work on work license. Never mix them.
#Civil3DStudent
Use it for learning. Master the dynamic relationships. But the day you start working for a real firm, uninstall the Student Version and use their enterprise license.