It does not and please stop arguing.You have absolutley no idea what you are talking about.
An FM station through one of my bugs sounds exactly like the radio station coming from the radio.
FM radios in your country have de-emphasis that cuts 3.2kHz to -3dB, 6.4khz to -6dB and 12.8kHz to -12dB. 15khz is reduced more.
The 22k collector resistor in the mic preamp transistor of your Wasp transmitter is bypassed with 1nF which cuts 7.3kHz another -3dB and steepens the high frequencies cutoff slope. It will sound very muffled on an FM radio.
My FM transmitter has pre-emphasis to cancel the de-emphasis in FM radios. My mic preamp transistor has a 10k collector resistor that is bypassed with 470pf so it cuts frequencies above 34khz so that 15kHz sounds good.
My FM transmitter has a low-dropout voltage regulator so its frequency doesn't change like yours does when the battery voltage is running down.