Well, yeah, I *have* seen clay that was dried out. Left out of the container in a very hot shop, it got dry and "crumbly"; that was the most extreme example but I've had others get to where they wouldn't knead properly.
I keep blobs of clay stuck to the top of my shampoo-solution spray bottle, my wheel/tire bucket, and the top of my Glyde lube bottle. The last time one of these blobs dried out it was the one that had been stuck to the rim of the wheel bucket forever and a day. The others get used more often (or rather, get rotated/cycled more often, being relegated to the wheel bucket when contaminated) and they never dry out.
But if you keep clay in a baggie or some other container it oughta stay OK.