I live in a relatively new apartment building in SF; and it's fairly well isolated (against sound). I've heard people from above my floor once, and just barely; it sounded like they were moving heavy furniture, i.e. not something you do regularly. If I play music in my apartment I can barely hear it standing directly in front of my apartment's door. They're constructing a bunch more additional buildings nearby, and some of them are the wood style you reference, and others look more solid.

FWIW, even with a mostly wood based construction, you can still insulate well. It just takes the desire to do so.