read -s in pdksh does nearly the opposite, saving the string to your history file! See https://man.openbsd.org/ksh#read pdksh is the system shell on OpenBSD, among others, and I just confirmed this is indeed what it does in OpenBSD.
EDIT: FWIW, ksh93 also behaves like pdksh (inherited ksh88 feature?), while zsh behaves like bash. read -s was added to bash 2.04 (2000) and zsh 4.1.1 (2003, committed 2002), both long after the flag was used in ksh--at least as early as the initial pdksh commit to OpenBSD in 1996.
Yeah, I came to Linux from BSD and still have some ksh and csh muscle memory from The Before Time
As pdksh has aged into memory, OpenBSD's version is now known as oksh.
Android selected another fork, mksh, as their system shell. This is also included in Red Hat, along with ksh93.
I had read that zsh has strict emulation modes for ksh and bash. Is it possible that zsh behavior changes when those are triggered?