Yes, you'd have to go and manually mute the other four clients in game or you could also have your manual slot key broadcast the sound and music toggles each time.
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I have this macro universal. Then I can turn all sounds on/off on any toon I wish to silence or hear
/run if GetCVar("Sound_EnableAllSound") == "0" then SetCVar("Sound_EnableAllSound", 1);print("Sound is on"); else SetCVar("Sound_EnableAllSound", 0);print("Sound is off"); end