I can't imagine anything louder than my HF direct drive oil lubricated compressor, an earlier 10 gallon version of this present model.
It's unpleasant, deafening - even located beyond the end of the workbench at the back of the tractor stall.
I see there are two different current models. The plastic cover faces the user and is like a megaphone on this one, and mine. Maybe the other version with the cover opening to the rear is a little quieter.
That said, I think these are the practical minimum in cost and capacity that can run that impact wrench.