Yeah... in particular, part of the unworldly annoyance of drones is hearing 4~6 slightly different pitches, all constantly changing, as each prop spins at its own speed to make slight corrections.

There's also a psychological effect. What's louder from ten feet away, hair clippers or a hornet?

Well if a sound is loud enough it's going to drown out everything else just by being much much louder. You can't hear a pin drop when lots of people are talking for instance.

That said I estimate a drone to be much louder than regular traffic, at least inside cities.