Your are right James. It is genuine audio feedback, but most people don,t hear it so they don't notice it or know it is there.
The specs are available somewhere in the GT-31 manual, but as I remember it, the GPS beeps on a run while your average speed is increasing, and stops beeping when your average has peaked. The light on the face blinks in synch with the audio, which is probably more useful for most sailors.
At the end of a run, the GPS will beep out your top speed in a kind of code. e.g.: three short beeps = 30 knots, followed by a combination of short and long beeps to tell you the second number e.g.: three short beeps folowed by a slight pause and another three short beeps in 33 knots. I can't remember the exact code but I am sure someone else does.
I used to hear it all the time because I had my GT-31's in my helmet. The end run beeps were quite clear. But I had to remember to turn it off one one of them or it was just a confusing jumble of beeps.

It can be quite useful for speed runs. I dont use the GT's as much now and I have the visual feedback from the GW-60 and the audio spoken feeback from GPS-Logit.