No, that's just letting you know what errors there are in the soundboard based on the number of tones the soundboard makes once you boot the board.
If you could hear 1 tone - the soundboard is 'fine' (not always correct but 99% of the time it is).
If you could hear 2 tones - U2 would be bad, etc.
I currently have one that is making 10 tones - I suspect that's one of the 6116 ram but it is isn't listed in that test menu. I had one that made 7 tones and that was 6116 RAM.
Your board is 'running' on the digital side (LED light is on) but I suspect there's something bad in the amplifier circuit - I can fix these, have fixed quite a few and I'd suspect it's the op amp. This is common to fail on those boards. If you can turn the volume up to the max and listen for any tiny sounds that may help. If you can barely hear the game sounds it will be that op amp.
You can also try running your finger on the solder side of the board on the pins of the main amplifier (that is attached to the large aluminium heat sink). If it makes load static noise you will know the main amp is ok.