Yup, the reason for the name phantom-power, is that it is completely "invisible" for dynamic, and ribbon mics! However when connecting, phantom should be off, both with condensers (might cause trouble with the transformer after 20+ years) and dynamics(might theoretically shortcut, but it never happens)
Ribbons will be wrecked when temporarely loaded with phantom on one of either + or -, so be very carefull that phantom is of when plugging/unplugging ribbons.