Generally speaking, yes. The company can't physically force you to relocate. Some companies will make you verbally commit to "moving" to your base city, which you can be in compliance with using P.O. box or a crash pad/friend's address to be listed as your "address" with the company. Usually, though, the company doesn't care where you live, they just care whether or not you show up on time to work.
Regardless of company policy about relocating, getting to work is always strictly YOUR responsibility, and you will get NO sympathy or help if you can't commute in to work. "Jumpseat" agreements differ, and as a F/A you can't expect to just grab a jumpseat on any airline the way pilots can (ie with CASS). Investigate the specific jumpseat agreements with the carrier you are considering working for, and keep in mind that F/A jumpseat agreements can come & go pretty quick.
Commuting is, in and of itself, neither good nor bad, but depends on each individual's circumstance. I spent substantial time commuting, and it was unquestionably worth it for me.