Two experiences make me believe that a very loud system can scare off burglars. Certainly not every one, but at least some.
I had an alarm system with a connection to the security service in my hi-fi store in Berlin. When a burglar entered through a window in the backyard, the system was triggered, I was notified and was on site within 15 minutes along with the security guards. Shortly thereafter, the police arrived. Only property damage and a ransacked desk, no device was stolen and no money could be missing since there was none in the store. That was in 1995. Conclusion: The alarm system did its job.
In my parents' house, a burglar broke in through a conservatory door in December 2017. He apparently got as far as a chest of drawers in the living room when the system triggered. The neighbor looked with his dog but could not detect anything. We received a call from other neighbors since my parents were on vacation and found the door open, called the police and had the traces secured. Only property damage occurred – money and jewelry were not in the house and thus could not have been missing. Conclusion: The alarm system did its job.