PRV midi sound can be annoying when moving / copying several notes together. Playing all notes of a melody or a chord sequence at once is usually a cacophony.
Midi mute only mutes the PRV editing, if it also mutes the instrument (which is if it is the only midi track for the instrument). Otherwise, you have to mute the instrument's audio track explicitly.
The quickest way of turning sound for PRV on/off is probably turning the complete audio engine on/off. (You may even assign a keyboard shortcut for this.)