NEGATIVE, on the bullet slow down "theory". To fully realize the potential sound reduction a suppressor is capable of you need to use SUBSONIC ammo, subsonic ammo is slower than the speed of sound to begin with, supersonic ammo is not slowed down below subsonic speed by a suppressor. A suppressor uses internal baffles to reduce sound. [and little rubber tires to slow down the bullet, the kind they use on roller coasters to slow it down at the end of the ride, only really tiny ones]
Since a silencer only works on the gunpowder gases to reduce noise and does nothing for action noise and bullet flight noise, it does not matter what speed the bullet is going when talking about silencer performance.
A silencer may work differently depending on how much pressure it is dealing with. There are theories on what kind of baffles work best with high pressure rifle rounds as opposed to lower pressure pistol rounds. I lack the experience to know which ones are best though.
The whip like sound of a supersonic bullet does not sound loud at all compared to the muzzle blast at the shooter's position, unless the gun is shot under weather protection or indoors where the shock wave can bounce back to the shooter's ear. I have been told that the sonic wave passing by a person down range is rather loud though.
Subsonic bullets can make a humming noise as they move through the air. I heard this while shooting a suppressed 45 acp Enfield at 1000 fps. I thought it might be transonic noise. I lowered the speed to 900 fps and got the same noise so I returned to using the hotter load.
It has been my experience that the most important factor in perceived loudness is the powder charge. Increasing the powder charge increases pressure and gas volume. Al Paulson's book, Silencer History and Performance claims that a 300 winchester magnum and a 308 winchester with identical silencers will show the same reading on a meter due to being the same bore width and similar operating pressure. But the magnum will sound louder due to the longer noise duration caused by the higher powder charge. The only experience I can contribute to this phenomenon is different loads in my suppressed 1895 Nagant revolver. The 700 fps target load using 1.8 grains of powder is significantly less noisy than the hotter load using 3.0 grains moving 1000 fps. I can also say that my 22k-hornet appears much less noisy than my 5.56. I do not have the proper noise meters to measure with though. They are very expensive ($3500 ish) and not the kind you get at the mall.
Ranb