Most noise reduction systems expect that the recording had some form of pre-empahsis or boost, and as suggested, if it is engaged on playback for a recording that didn't have pre-emphasis then the recording will sound muted.
I think it's just as likely that the cassette recorder's or the player's heads have some wear, or maybe the bias adjustment was/is not ideal, or the radio transmission and the routing to the recorder was not providing FM's ideal top end of 15kHz, or perhaps it was an AM transmission pushing the limits of the 5kHz limit.
Who knows????? :-)
Cassettes had a regrettable noise floor but they also were capable of providing a frequency response that spanned across the traditionally quoted hi-fi range if the equipment was well made, well adjusted, and fed a full range signal.