Not because of other cyclists or pedestrians wearing (anc) headphones but because modern cars are so heavily sound-proofed they don't hear a bicycle bell anymore. A recent incident with an inattentive taxi driver in a brand new EV nearly flattening me prompted me to want to pursue this.
I'm still waiting for my cheap AliExpress dc-to-dc step down converter but otherwise I have everything I need and I think it should work. The horn module itself is definitely loud enough: I connected it to a 12v power supply at my desk and jumped out of my chair.