Eh. If it's not a physical power-disconnect switch, one could imagine it still being able to record audio, which still sucks.

The microphone is usually not part of the camera assembly in modern laptops.

And there is usually more than one. For example, recent Macbooks have three, as far as I know.

That's how it works on my work-provided HP laptop. The physical switch is only an opaque block on the camera.