I think it's fair to say that in general, users want to be lied to. That's why UX patterns like screenshots of suspended apps being displayed while the app actually loads became standard. The appearance of speed is effectively as valuable as actual speed, just like the appearance of polish is valuable regardless of the cruft that lies beneath it.
The suspended app screenshot is way more that appearance. We all need a moment to remember to context of what we were doing. Showing us a screenshot of the suspended state enables us to use the loading time productively so that we are immediately ready to interact once it's up.
The speaker was vital to inform the user as to what was happening. If the phone line was in user, if there was a dialing problem, if you called the wrong number, etc. And it also gave you an indication of the connection speed and line quality.