I have an AAC M4-2000 suppressor I use on a couple of my .223 AR's. They claim 95-97% reduction in muzzle blast (which is really amazing when you look at the size of the can and the area that actually contains the baffles), and I pretty much believe their claims. I can shoot it from my car port, with no hearing protection, and it doesnt bother me at all. If I shoot a .22 LR from the same spot, I cant hear for a couple of days, and my ears ring at about twice that they normally do now.
There is no doubt, you can hear the round breaking the sound barrier as its going down range, but the sound can vary with distance and weather conditions. There is very little noise at the shooter, and placing where the shot came from would be difficult, and probably 180* off.
I shot a rabbit at about 50 yards last year from the car port, and heard a strange "pop" when the rabbit was hit. I thought the bullet went through, and hit something in the tree line behind it. When I got to the rabbit, I realized what the pop was. It was the rabbit "popping" from the impact. There was a softball sized hole on the impact side, and there was no other side. That side of the rabbit was spread out across the yard.
You dont normally get to hear the round impact, especially at closer ranges, with guns that arent suppressed.