Yes it could then there are other things like noise restrictions, a few hundred less rpm makes a massive difference to the amount of exhaust noise.
On top of that a better muffler that reduces the sound will make you think the mower is running slower.
I fit a few new mufflers on old 2 stroke Victas and the customers regularly tell me the mower is down on power & speed when I set them with a tacho so the speeds are identical.