Some carriers would to start the acceleration at 600’. Presumably, the aircraft would be above 700’ by the time the nose has been lowered, which is above the “DON’T SINK’ alert feature.
Mode 3 of the GPWS provides an alert if a decent is made during initial climb or go around to 700’ AGL. The aural alert is a voice message "DON'T SINK", and is repeated until the condition is corrected. It is effective between 50 and 700 feet radio altitude and generates the alert when accumulated barometric loss equals approximately 10% of the existing radio altitude. Mode 3 does not arm during decent until below 200 ft radio altitude.