Bitcoin Local offers the opportunity to meet a seller at a physical location. Same with Local Monero. If you're planning to exchange $10M, you'll probably need a couple of bag-carriers, and perhaps some muscle as well.
You can also trade for non-physical "cash", e.g. local bank transfer via escrow. As far as I'm concerned, that's a cash exchange.
I think local traders are expected to execute some level of KYC. In my experience (under £1K, online) that's a photo of me, holding my driving licence and a piece of paper syaing "I'm buying X from Y". I've never tried a physical cash trade in person.
You can also trade for non-physical "cash", e.g. local bank transfer via escrow. As far as I'm concerned, that's a cash exchange.