Somewhat. The internal speaker in the original PC was pretty much just a buzzer that was probably never intended to output anything else other than simple status beeps in office settings.
It does not even have the ability to modulate its amplitude, i.e. its voltage level is either "full on" or "full off" and tones are usually played by doing that, for example, 2000 times a second to get a 2kHz square wave tone. There seem to be some (likely rather PC model specific) tricks to toggle it quickly enough to get some in-between waveforms[1], but overall there are no "volume" levels.
While it's likely not very hard to have a circuit to manually reduce the overall amplitude[2], by the time this really became commonly desirable enough we probably all had sound cards anyway, if we wanted to play anything more prolonged than the system beep on it.
[1] By means of inertia, the mechanical kind or the electromagnetic kind.
[2] Or even in software, but nothing would support that.