I think you are right. The signal is normally muted by Q3 being conductive until Q2 removes it's gate voltage. I'm not sure the time constants are useful for discerning pulses from other sounds either.
I suspect the name is misleading, I think it might be a 'noise gate' rather than a noise blanker, a circuit that mutes the sound until a certain level is reached with the intention of killing background noise until sufficient audio level is reached. The term 'noise blanker' is usually used to describe a system to suppress impulse interference.
Brian.