You're right, it is the speaker. I've tested on my iPhone 7 (iOS 10.0.2) and there is a very quiet white noise coming from the speaker for the duration where my finger is in contact with the screen in 3D Touch state. However, I believe this is normal. The speakers on iPhone have three states of operation:
1. Off - Power is cut to the speakers when they are not in use and not expected to be used, the speakers will be completely silent.
2. Ready - Power is being supplied to the speakers and they are ready to produce noise even if iPhone isn't playing any sounds yet.
3. In use - Power is being supplied to the speakers and sound is playing for whatever app you are using.
When you 3D Touch something, the speakers are placed into Ready state since the content you are previewing may have sound (e.g. videos). As soon as you let go, the speakers enter Off state to save power.
You can also observe this effect when you launch an app that usually has sound, but enable Silent Mode. The speakers will still produce the same quiet white noise for the entire duration which the app is running.
In fact, this is something that affects all speakers. If you power on a set of external PC speakers and don't plug them into anything, the same thing happens since they are constantly in a "ready" state.