No. Additionally, you can't make automatically created playlists, like the "thumbs up" playlist, available offline. The best way to get all your favorite music onto your phone is to select all the files from your "thumbs up" playlist on your PC, create a new playlist called "favorites" (or whatever you want to call it), then drag all the "thumbs up" songs to "favorites." Then you can make the whole "favorites" playlist available offline on your phone.
Kind of a pain in the ass, and I hope Google fixes this soon. I think they will.