Clarification on toolbox dependency analysis

I have encountered an issue (that may be WAD, although the following link: https://www.mathworks.com/matlabcentral/answers/511612-how-can-you-tell-which-licenses-are-required-for-a-model-when-you-don-t-have-all-licenses-for-the-mo?s_tid=srchtitle claims otherwise), relating to the dependencies.toolboxDependencyAnalysis function.

When I perform a dependency analysis on a model which uses Simulink Coder, on a computer which does not have Simulink Coder installed, this toolbox does not appear in the results. However, when the same analysis is run on the same model, on a computer which has Simulink Coder installed, 'Simulink Coder' is one of the dependency analysis results. The same outcomes are seen when running a dependency analysis from within Simulink (through the Modelling tab).

Is this behavior expected? That is, are toolboxes only expected to show up in the results of dependency analysis if they are installed on the machine in question?