Yes/NoApple's own website:
Transparency mode lets outside sound in, so you can hear what's going on around you.
Because the Non-Pro Airpods don't make a tight seal in your ears, you don't need transparency mode, as you can still hear the world around you when using them assuming you don't have the volume set to maximum or anything.
Transparency mode actually provides a tailored sound and also has the ability to amplify voices. You can still hear sounds of the outside world with earbuds that don't have a seal but transparency mode is more similar to a hearing aids. It provides clearer sounds of the outside world, not a muffled version. At least IMO. I mean even with a seal you can still hear the outside world.