Have to disagree there. The muffler is certainly important but much of the engine noise is radiated clatter. Carefully designed engines for low noise applications are built to have less clatter radiated from the start. Things like crankcase (housing) design, cooling airflow, and cooling fin resonances are very important.
I've tried with little success to silence some conventional (generic Briggs and Stratton, Tecumseh etc), design engines. As an experiment temporarily hang a 10 ft pipe on the exhaust to move the noise away so you can listen to the engine sans exhaust. Many are still very loud from radiated noise and that is dang near impossible to reduce in a cost effective manner.
Try the 10 ft pipe test before spending money on a muffler only to find the noise reduction isn't near as great as one would think