Yes, that is correct. There is no software setting even in Target to do the mic muting.
7 Years ago, I used to have Phonak Naida V that was paired with Compilot II. That was a beautiful combo and works so beautifully. And mistakenly thought the same concept should work with the new Phonak model without needing a streamer. I was sorely disappointed for that aspect.
This is something that Phonak absolutely failed to grasp the importance of phone calls. How did they not get this right?