So if the ringer was ringing and you pick up the phone there might leak some of the 90 V signal into the microphone?
That wouldn't be too good for the microphone.
The switches of the hook are there to prevent that.
They connect/disconnect in such an order that the telephone exchange is signalled that you pick up the receiver so the ringer signal is switched off before the speaker and mic are connected. I once had a telephone where this dis not work properly. When you picked it up at the exact moment of a ring, a loud buzzing sound came out of the earpiece. Not nice.
And did you consider what happens if you put a High frequency signal onto the line? Some of the signal might be affected by the condensator combined with the mic, and a usable signal might gotten of it.
If the receiver is on hook, both mic and speaker are completely disconnected, as you can see.
The capacitor is in series with the ringer, not with mic/speaker.
Please let me know from the schematic (the one I linked to, or another one if mine is not correct for the phone you have in mind) what exact signal pathway you have in mind. "Some of the signal might be affected" is too vague to be refuted or confirmed.