You can open the Photos app, go to Preferences, and uncheck the "Copy items to the Photos library" box which will allow you to view photos on an external drive without importing them into the library.
No it will not. Photos cannot interact with any images that are not imported into the Library. All unchecking that option will do is a:mean the files won't be managed by Photos and b: create a world of complications and pain in the future - especially if the library is on the internal HD and the Masters are stored on another volume.
That is what's called a Referenced Library. In this set up the files are not copied to the library package, but rather left where you have them on import.
But...
In this scenario you can't use the Cloud Photo Library.
Also:
Photos has no tools to manage images stored outside the package. So this is where the pointless chores come in: Everything is more work for you: You move the images from the camera to your preferred storage. Then import them. Deletions? Delete the image in Photos and then go to your storage and root out the deleted image yourself. Anything like moving your store to another disk to a new computer becomes a world of pain because - and this is where the pain really comes in: If the path to the file is broken for any reason you will need to reconnect it manually. Not really a problem if it's one photo. But if it's 10,000 or 100,00, well that's a lot of pain indeed.
My rule of thumb: If you want to use Photos don't use a referenced library, if you want referenced library don't use Photos.