Yes, because the SafeNet Authentication Client (SAC) installs the certificate in the Local User Certificate Store. See my comment below from Sep 22, 2023 03:18 AM.
If the HSM (Hardware Security Module) is an eToken (e.g. IDPrime eToken 5110 CC (940), that is a small USB-device, the following should work.
After installing the SafeNet Authentication Client (SAC) with the option "Minidriver", the SAC installs the ...