Hi There,
Thanks for writing in! Yes, you can by setting up a virtual host on your local machine.
But we suggest that since the site is still in local, do the update manually. You can download the latest version of x on your ThemeForest account download page. Then extract the x.zip file and copy the extracted x folder.
Then navigate to this directory \wp-content\themes\ delete the current x folder in there. And replace it with the x folder that you just extracted.
This seems to be not practical but if you’re still in local, it is practical.
Hope it helps, Cheers!