I shot a 5.56 suppressed and pretty noisy still.
Yes and no. Depends on your perspective and a few other things.
I have an AAC M4-2000 in 5.56 which I use on a couple of guns. I can shoot them from in my carport, without hearing protection, and my ears dont even give a hint of ringing (beyond what they do constantly anyway). If I shoot an unsuppressed .22 from the same spot, I cant hear right for a number of days after, and thats just one or two shots.
Whats missing with the suppressor is the muzzle blast, which is pretty much nil. I believe AAC claims something like 95-97% reduction, which my unscientific ears tends to agree.
Now, once the round starts down range, you definitely hear it go. One thing I have noticed though is, it "seems" quieter on closer targets than it does on longer targets, which kind of makes sense if you think about it, but cant say its a fact though.
One other thing Ive noticed is, my 10.5" guns are still a bit louder than my 16" guns, but I can still shoot both without hearing protection, up to a point. While I dont need it for a few shots, I do start to notice things creeping up over the time of a lot of shots, say 50-75. Its not like shooting unsuppressed, but my hearing definitely changes slightly.
I also have one of AAC's 9mm "ECO-9" suppressors for my handguns. The effects there are a bit different, and much quieter. If I use 147 grain subsonic 9mm, and "wet" the can, the sound in the carport in not to dissimilar to a heavy car door being shut hard. My son's bedroom is off the carport, and I shot a critter there with it, and later asked him if he heard anything, and his response was, "it sounded like you dropped something". He was right too, but not in the same manner.
With ammo hotter than the speed of sound, it is a little more noticeable, and you can sometimes hear that crack downrange, depending on where you are in relation to the gun, but nothing like the rifles.