Yes,there will be no spark at the plugs. The CMP is a reference sensor that the ECU uses to tell when the cylinder is on compression as opposed to exhaust stroke. With the vehicle running you can unplug the sensor and it will log a code but keep on running. This is because once the engine is up and running and has seen the CMP signal it "knows" where it is at and should it loose the signal it is no big deal as it is counting the cycles anyhow so it just runs on a substitute value. It really is not a big deal unless you have a car variable valve timing. Now if you unplug it while the car is not running and try to start it, it will not start because it has no idea which TDC is the correct TDC. Does that answer your question?

Mark