When in Single mode (the mode that it will be in when without corrections), you’ll probably find that positions won’t be much better than what the drone itself can do. You’ll be within 2.5-3 meters of error.
The flow in i.e. Emlid Studio will be the same as with corrections.
I just wanted to add to this that Reach M2 can only record the time marks to the raw data log. You’ll need to use it for post-processing in subsequent geotagging.