No. The clauses run together. There were municipalities which
drastically limited firearms. Yet, the musket was a vital tool
in most of the country.
The general right is definitely grounded in fear of federal restrictions -
but someone stockpiling military-only weaponry (like cannon) would
have been an issue at the local level, almost anywhere. Likely so would
assembling large caches. Rather, any local militia would perhaps be wielded
in opposition to federal overreach.
The population density of many regions of the country today rivals that of
large towns in the 18th century. Yet, if anything, local control of weaponry
(including drilling the militia) has largely disappeared outside of the largest
cities. Open carry, often flat-out illegal in even frontier towns, has become a
rallying cry for a culture that no longer sees guns as tools so much as some sort
of symbol.