I have a Wolf cwl 300, you only hear it at full power. Of course, it depends on many factors, but I am talking about the noise at the valves at a distance of 1-2m in normal operation, which means 80-150 cbm. Naturally, you can also hear 150 at night, but my system is continuously regulated and usually runs at about 70-80 cbm at night, and then you don't hear it.
Central exhaust with supply air valves must be imagined as you described, they are basically simple exhaust systems where the air then flows in without heat recovery through window frame openings or additional supply air holes in the wall, so basically a crutch.