Yes, it bypasses the need for components, because you're not casting a spell from (or into) the Spell-Storing Item.
The full description of the artificer's Spell-Storing Item feature reads (E:RftLW p. 58 and WGtE p. 179-180; emphasis mine):
At 11th level, you learn how to store a spell in an object. Whenever
you finish a long rest, you can touch one simple or martial weapon or
one item that you can use as a spellcasting focus, and you store a
spell in it, choosing a 1st- or 2nd-level spell from the artificer
spell list that requires 1 action to cast (you needn’t have it
While holding the object, a creature can take an action to produce the
spell’s effect from it, using your spellcasting ability modifier. If
the spell requires concentration, the creature must concentrate. The
spell stays in the object until it’s been used a number of times equal
to twice your Intelligence modifier (minimum of twice) or until you
use this feature again to store a spell in an object.
Neither step of this process involves actually casting the spell, as odd as that may seem.
The process of storing the spell just says you touch a weapon or an item that you can use as a spellcasting focus (thieves' tools, any artisan's tools, any of your infused items, other options added by your subclass, etc.), then choose a 1st- or 2nd-level artificer spell (even if you don't have it prepared).
Likewise, the process of producing the effect doesn't actually involve any aspect of casting the spell itself - only creating the spell's effect. Any creature that can hold the object can produce the spell's effect from it a limited number of times (twice your Int mod, or until you use this feature again to store a spell in any object). The creature holding the object maintains concentration if the spell effect requires it, but there's no actual casting of the spell involved.
Someone_Evil's answer to the linked question Do class or subclass features that relate to spellcasting apply when producing a spell's effect from an Artificer's Spell-Storing Item? concurs with this reading of the rules:
Whether the artificer is storing a spell in a Spell-Storing Item, or a creature holding that item produces the spell's effect from it, neither creature actually casts a spell.
Since nobody - neither the artificer, nor the creature holding the object - ever casts the spell for a Spell-Storing Item (whether as part of storing the spell in the item, or producing the spell's effect from the item), no spellcasting components of any kind are necessary: verbal, somatic, or material (costly/consumed or otherwise).