We look at the prototype to model detail, weathering, loads, paint schemes, etc.. We should also look to the prototype for modeling sound.
Sound, dissipates with distance, is sometimes amplified by the surrounding topography, and structures, is sometimes reduced/muffled by the same factors.
I remember running my N&W 2-8-8-2's on Gary Pfiel's JGL, and listening to the whistle from the opposite side of his layout, and hearing it properly reduced by the distance, and echoing off the hills......

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In smaller spaces, what is delivered by the manufacturer, is too loud! The best way to judge this is simply...when a prototype loco "appears to be the same size" as your model locomotive, the sound level you can hear, should be matched by the model. This will take some getting used to, to effectively decide, but the effect will be far more pleasing, in the long run. Sound volume, will also aid in creating an audible "effect of distance", much the same way as forced perspective does visually. How close is the real thing before you can hear it....how far, before the sound fades to silence...and how much effect does ambient sound have on hearing the loco. An old RADAR term, "signal to noise ratio", comes to mind here.
So!, when you're out fantripping, add the perceived sound volume to the list of things you're seeking, and try it on the layout. You might be surprised, and , posting the results of whatever technique you use to re-create those levels in miniature, would make for an interesting thread.