And this works. I’ve enabled it in my 2017 iMac and 2017 MacBook Pro, and most recently on my 2020 MacBook Pro and 2020 iMac.
How loud the chime sounds upon boot up is directly related to volume setting when you last shut down or rebooted the system. If your volume is low you might not hear it even if it’s enabled.
If you bring your laptop into a public place, and start it up, others might find it distracting, and you might find it embarrassing. Desktops are different, but Apple resists differentiation.