Your understanding of tone squelch is wrong. Tone squelch is simply an extension to the squelch system.
Normally, the squelch opens whenever the received signal is stronger than the squelch threshold.
With a tone squelch (and I use that term broadly here to refer to CTCSS, DCS and any other possible, similar schemes) configured for receive squelch, the squelch opens only if the received signal is strong enough and the configured tone is present in the demodulated audio. (The tone is filtered out before the audio is fed to the speaker or headphones; hence "subaudible" in the context of the radio transmission.)
All the issues with FM capture and so on remain exactly the same with or without tone squelch, so you do not get any additional "channels". (Also consider Can two FM radios transmit two separate PL tones at the same time, and be received by two radios with matching PL tones?) All that happens is that you can filter out some of the transmissions that you are not interested in. This is particularly useful in situations where the received signal is relatively weak, as you can leave the signal strength squelch turned all the way down and rely on the tone squelch to only open for useful transmissions.
With that said, we can answer your question:
If tone squelch is not configured on the receiver, practically any FM receiver will open the squelch whenever the received signal is strong enough, regardless of the presence of any particular subaudible tone or code, because it is not filtering based on any particular subaudible tone.
Hence, if you do not set up tone squelch on your radio, or your radio does not support tone squelch (applies primarily to older equipment), you should be able to hear all transmissions as they sound on the air.
It isn't entirely uncommon that radios allow separate tone squelch for transmit and receive. This can be useful, for example, if your local repeater input is tone squelch operated (to reduce interference) but it does not re-transmit the tone on the repeater's transmit (output) side.