I just don't think that is even a little bit true, or at least it's something that is very culturally specific and thus not generally applicable.
I have a friendly sounding bell I use from an appropriate distance (and I can modulate the volume), and I routinely have people give a light wave to show they heard. In addition, the biggest complaint about cyclists in local social media is about them passing without notice.
Being visually impaired, though, I'm grateful for cyclists who use their bell. It's immediately clear. For some reason, my brain takes slightly longer to process someone yelling "on your left!" or similar, than just a quick "ring ring".