1) If we assign sounds to the glyphs that "look" like consonants and 2) if we assume the round shapes are vowels ("a", "o" "c" and maybe "9") then sure, it's pronounceable. Other combinations would also be pronounceable, depending on how they are sound-associated.
But we don't KNOW if the vowel shapes represent vowels (they do not behave like vowels in natural languages with regard to position), which makes it hard to determine whether it was meant to be pronounced.
If the VMS is a cipher, then maybe the vowel-looking shapes are nulls. Nulls are not intended to be pronounced, except maybe to make it easier to remember the components (even nonsense syllables are easier to remember if they can be pronounced, as is evidenced by songs with nonsense syllables).
But we don't KNOW if the vowel shapes represent vowels (they do not behave like vowels in natural languages with regard to position), which makes it hard to determine whether it was meant to be pronounced.
If the VMS is a cipher, then maybe the vowel-looking shapes are nulls. Nulls are not intended to be pronounced, except maybe to make it easier to remember the components (even nonsense syllables are easier to remember if they can be pronounced, as is evidenced by songs with nonsense syllables).