I'm not sure if this is a bug or intended behavior, but after updating to the 1.9.1 SDK on Windows the simulator now starts up with the audio slider muted. This was not the behavior of the previous 1.9.0 simulator. Because the simulator has to be closed and re-opened every time a project is recompiled, it would quickly become annoying to have to turn up the volume every time you recompile your project.
EDIT: After messing with it for a bit, I was able to actually get my audio level to save between launches. It seems like the simulator settings only get saved when switching to the home menu/settings menu. The settings do not save right when you change them, or when the simulator is closed. It does feel a little inconsistent, but I'm not sure if it should be considered a bug.