Hi,
Though you can convert cell array into a tall array, you cannot use dwt function because the input to dwt function cannot be tall array. Instead different versions of mat file are available to store large data which is obtained after performing 'DWT' and 'EMD'.
For more information, refer the following link:https://www.mathworks.com/help/matlab/import_export/mat-file-versions.html
Also you can use matfile function to store large data. Here is the documentation link for matfile function.