Not always, it can blow into a water passage, it can blow between cylinders, it can blow out the side, all will still run, not well, but will run.
I've seen a red motor run fine, with a miss ? but with a snapped piston, half up the top of the bore, the rest in the sump, with the rod and pin rattling in the bore, it ran good enough to drive it some 100 miles before the rod went through the bore and broke into the water jacket, so a blown gasket is minor, just a PIA.
Oil in the water, water in the oil, loss of compression and a heap of other nasties when it blows into a water passage.
The mechanic "should" be able to tell you if it's rings or valve, the squirt of oil shows piston or valve instantly, and removing a head when it's the bottom end is a waste of time, a hole in the piston will show the same as a stuffed valve, either way it would not run well.
NP there you know what cylinder it is, you won't miss it, BUT if it's broken ring/s the engine has to come out for a rebuild, so don't buy anything until it's inspected, it may be cheaper to grab a cheap complete engine from the wreckers.
The head might be cracked ?
The damaged gasket will have burnt sections where the hot gas passes out, just how much down is the compression compared to the others, the entire engine may be clagged ?