I think that if you don't understand the need for peace and quiet you can't know how soul-destroying it can be to have no escape from incessant noise.
Some people might not mind it. Some may even enjoy it, but others really need peace at times. I don't think that people need an excuse - it's just that everyone is different, and expecting those who need peace to 'live and let live' is akin to expecting an introvert to give a public speech, or a party animal to spend all her time alone.
Children do need to run off steam, and I accept that there isn't always a park or playing field nearby, and that not all parents can take them to a beach or open land to play on. But at the same time, children also need to learn to consider other people, if they are going to grow into considerate adults.
I see no harm in them playing and making play level noise. They are not going to be quiet however much adults might want it. But there is a huge difference between laughter and a bit of shouting to one another, and constant screaming, isn't there?