I was wondering the reason the researchers from the monero lab chose to recognize her out of all mathematicians. (Im guessin it has something to do with her ring theories)
This is not a definitive proof but we can note the Review of Cryptonote Whitepaper by Surae Noether have this byline "This paper is dedicated to Emmy Noether, Satoshi Nakamoto, and the Bourbaki Group." As far as I know this is the first publication by one of the Noethers regarding Monero. The Bourbaki Group worked a lot on algebra and therefore rings so your hypothesis seems to be right.
Two minors reasons could be the pun on "No Ether" and the possibility to use the initials SN as a nod to Satoshi Nakamoto.