In an application where only the Master clock (MCLK) is needed, the CP2114 doesn't generate MCLK without being connected to the USB host. Is this the expected behavior?
The CP2114 goes into a low power mode when the USB is suspended. In this mode, the clocks to the device are turned off, which is why you do not see the clock output. Only when USB is generating traffic will the device keep the oscillators out of suspend mode.