Earlier quoted context omitted.
If the SNR is already low enough that you're having issues discerning speech, lowering the volume won't help.
Ha. Classic techie parachuting in and incorrectly intuiting how something works. Show me earplugs that REDUCE equally across all frequencies and I’ll invest every dollar I have to my name.
Here's a publication featuring ear protection products for musicians that attempts to do this. It's not perfect but it's pretty good (I own a set of custom earmolds with the Etymotic filters).