Yes it does bring up the cannot access system storage. I have even gone as far as cleaning the pins on the sata connector on the motherboard, which I had out while cleaning the shell.
I have tried both new and used mechanical hdd as well as ssd drives, and still get the same error code no matter which drive I have in the console.
As for safe mode, even holding down the power button until the second beep, all i get is cannot access system storage.