No. Muting is a one-way audio block enforced server-side. When you mute a player:
The muted player receives no notification—they won't see a "you've been muted" alert. From their perspective, you simply aren't speaking. They can still:
Muting is per-session and per-profile. To block entirely (including future matchmaking), use Block from their profile → "Block" → "Submit." Blocking removes them from your friend list, prevents party joins, and hides your online status from them.
Communication control is entirely yours—silence who you want, when you want.