Question regarding $9.99 Photography Special Offer

Will older (licensed) versions of PS still work if we join the $9.99 special now and cancel later?

Yes.  CS6 or earlier can be installed along-side CC.  If you cancel your CC-subscription, the other, earlier Photoshop, with a perpetual license, should still work.
There might be issues with running two PS versions on a particular system, but I do that now, and it seems to work.

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