Correct, but any Mac technician would know to try resetting PRAM during initial diagnostics, which would reset the startup chime/speaker volume to defaults and allow the system to complete POST normally.
In addition, after testing this procedure, it only mutes the startup chime for one restart, it then returns to normal upon subsequent restarts/startups. The OP could also simply mute the system volume each time before restarting the Mac.
C