A MC cartridge has plenty of current, but very low voltage, what your transformer does is convert that excess current into increased voltage. I do not know the output impedance of your transformer, but for the sake of argument, lets guess at 100 ohms. Now you have a 100 ohm output impedance working into a 100 ohm input impedance on your PS phono stage, more or less, a matched load. This load is just great for tranmitting current, but oops, as we found in the first part, we don't want to transmit current, we want to transmit voltage, and for that we need as low an output impedance as possible, driving as high and input impedance as possible, for maximum voltage transfer.
As to your question of would you hear any sound at all, I think that your actual experience answers that part of the question.