Does the hourly chime automatically mute itself after midnight?

Hi everyone. A year and a few months later and I finally found out that the watch has an hourly chime feature. Having had it on for only a few days, I’ve noticed that the audible chime does not happen every hour. I still get haptic feedback, but I’m curious if after a certain time, say midnight, it automatically mutes itself. I don’t have the watch on silent, it’s not in theater mode, and do not disturb is turned off. Is my hypothesis correct or am I dealing with a software issue?