The perceived reduction of "noise", when listening at lower volumes, can well be related to the Fletcher-Munsen effect. The response curve of the human ear changes relative to the input level.
The human ear responds best to mid-frequencies at low volume levels, and low and high frequencies are considerably attenuated. As the level increases, the response curve tends to flatten out. The "loudness" control on many stereos changes the response curve to compensate for this deficiency.
Don't ask me to test it - I wear hearing aids.
Neal WA6OCP
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