Yes. Don't know if I would call it sleep. If there is no air pressure on the sensor, the transmitter does not, well, transmit. If the receiver does not register the transmitter transmitting, then it doesn't know that there is a transmitter on that tire.
The receiver is the one that sounds the alarm when a pressure reduces on a transmitter. If the transmitter never communicated with the receiver, it does not know one is missing.
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