Does Chrome have a "Work Offline" option?

I'm trying to test out my fallback page in my html5 cache manifest. I'd rather not have to actually disconnect from the internet in order to do it. I've heard that it doesn't work quite right in Chrome, so I need to test it specifically. Does Chrome have the ability to work offline? I've searched through the settings and the available extensions, and I can't find anything.

It looks like Chrome now has this feature via Chrome developer tools (Ctrl-Shift-I). Click on the "Device Mode" icon at the top-left. Now, a device and network bandwidth and latency (or completely offline) can be simulated using the dropdowns at the top of the screen:

The screenshot above is from Chrome Version 42.0.2311.60 beta (64-bit) on Linux.

NOTE: As of Apr 2015, unfortunately this does not affect Websocket connections, which continue to operate regardless of the Network setting. See https://code.google.com/p/chromium/issues/detail?id=423246.

UPDATE Sep 2021: It looks like the network settings will finally affect websocket connections as of Chrome 96. See the issue above for details.